Underscoring their confidence in the region’s prospects, Standard Chartered Bank yesterday announced a $206-million build-to-suit office building at the Changi Business Park, bringing its total investments for business expansion to more than $1 billion.
“We are very bullish on Singapore. And (it) is becoming increasingly important as a regional hub for training, finance and tourism serving the rest of Asia,” said StanChart chief executive Lim Cheng Teck.
The 225,000-sq-feet campus-style facility will house the bank’s non-customer facing operations such as IT, trade processing and business continuity management and is expected to be ready by 2010.
Together with the bank’s $800-million rental deal for the Marina Bay Financial Centre last year, in which the bank snapped up 24 floors of prime office property in downtown Marina, the two properties will accommodate a projected headcount of more than 6,000 - a sizeable increase from the current 4,700 - in 2010.
Much of the group’s regional or global functions are being managed out of Singapore and growing at a significant pace, Mr Lim said.
Except for its flagship branch at 6 Battery Road, StanChart will also consolidate its operations - currently housed in five other locations - in Marina and Changi, he added.
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