Stanchart to spend US$530m on S'pore office move
SINGAPORE - Standard Chartered Plc (Stanchart), an Asia-focused bank, said on Wednesday that it will spend around $800 million (US$530 million) to move its Singapore offices to the republic's new financial district.
The bank said that it had signed a 12-year lease agreement with an option for another eight years for 500,000 sq feet at the Marina Bay Financial Centre
The emerging-markets bank said in a statement that it had signed a 12-year lease agreement with an option for another eight years for 500,000 sq feet (46,450 sq metres) at the Marina Bay Financial Centre, which is expected to be completed by 2010.
Stanchart said the planned investment included costs for rental, relocation and renovation.
S'pore headcount at 6,000 by 2010
Executive director Kai Nargolwala said that the bank will increase its headcount in Singapore by nearly 60 per cent to 6,000 by the year 2010, from 3,800 currently. -- REUTERS
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