Standard Chartered has put its six storeyed building in Goregaon for sale, ET states. The bank has set a floor price of R325 Cr for the 246,074 sq ft property. The move follows Stan Chart plans to consolidate its offices under one roof at its corporate headquarters in BKC.
The property will be auctioned via a bidding process and bid for the same are likely to be submitted by September 2, 2013.
Currently, The six floor structure in the Raheja Titanium complex house 1500 – 1700 employees in the consumer banking and operations department, who will be relocated to its two offices in south Mumbai’s Fort area and one more in the Bandra Kurla Complex business district.
Stan Chart bought this property from K Raheja Universal for R325 Cr in 2007. It had followed it up with the purchase of around 1.47 lakh square feet space in BKC for a consideration of R750 Cr in 2008.
Recently, Standard Chartered was quoted to be most profitable foreign bank in India. Standard Chartered’s net profit in India in 2012-13 increased 70% to R2,960 Cr, lifting it to the top in terms of profitability from its earlier number 3 ranking. It profit rose mainly due to a 15% increase in interest income to R9,083 Cr. Its total advances grew 11% to R61,954 Cr in 2012-13.
Standard Chartered is the largest bank in India in terms of branches, with 99, followed by HSBC with 50. Citibank has 42 branches.
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