BRANCH BANKING | Staff Reporter, Singapore

Citigroup to give up portion of Singapore office space: report

E-commerce giant Amazon is set to lease three floors from Asia Square Tower 1.

E-commerce giant Amazon is planning to take over some of Citigroup’s office space in Singapore, as the bank grapples with post-pandemic work life, reports Bloomberg, based on information from people with knowledge of the plans.

Citigroup is currently Asia Square Tower 1’s largest tenant with nine floors, and its 10-year lease is due to expire soon, the people said, asking not to be identified because the plans aren’t public.

Amazon will lease three floors covering about 90,000 sqft (8,360 sqm) at the building. Staff will move into the new offices early next year, the sources added.

A spokesman for Citigroup confirmed the bank is giving up the space, but declined to say which tenant is taking over. Some consumer banking staff and employees in other functions will relocate to Changi Business Park where the bank has bigger premises and a long-term lease, he said.

Citigroup is reviewing its work spaces due to the virus and looking at other ways of working to allow flexible arrangements, the spokesman added.

Here’s more from Bloomberg.

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