Standard Chartered Bank is known as India’s oldest foreign bank that had served the country for more than 100 years. The office located in 19 Netaji Subhas Road comes with an area of 80,000 square feet and was constructed in the 19th century. The building is up for sale for Rs 110 crore and the bank is to transfer its offices into a cheaper location while it performs other measures to ease its financial difficulties.
The bank has its headquarters in London. Just recently, it announced its plan to save $1.8 billion from its global costs before 2018. One of its cost-saving measures is to simplify its organization and to look for a cheaper office space at 19 NS Road, Kolkata.
According to historian Abhik Ray, there were plenty of palatial buildings constructed in Kolkata including the NS Road office. The building is just opposite Allahabad Bank’s main office at the city’s center. It became the home of National Bank of India for almost forty years after its incorporation in London.
The building is said to cost around Rs 13000 to 14000 per square feet with the total space of almost 1 lakh square feet, with a few occupants using only around 20 percent of it. Now StanChart has placed the building up for sale except for those parts that are still occupied by tenants.
SBI, the oldest and largest lender in India has already placed a bid on the site plus several other office spaces since it is looking to reduce long-term rental costs.
StanChart plans to also to sell other prime properties in Kolkata, where it first began its journey in India. A StanChart official says that the sellout will not impact their staff, which are scheduled to transfer to a new office and it is also not a reflection of their business plans. The bank, according to an official, is dedicated to improving its franchise in India and in offering world class banking experience to their customers and clients.