RETAIL BANKING | Staff Reporter, Hong Kong

Standard Chartered to relinquish lease of multiple floors in Hong Kong office

Each floor costs the bank approximately $774,000 in rent per month.

Standard Chartered is giving up multiple floors of its Hong Kong office, reports Bloomberg, at a time when banks are looking to cut costs whilst the pandemic has upended traditional work styles.

The UK lender is reportedly relinquishing the lease on eight floors it occupies in its Standard Chartered Bank Building in Central. It is also planning to rent out three levels in its Kwun Tong office, according to marketing materials seen by Bloomberg.

Each floor—which spans around 5,575 sqm or 60,000 sqft—costs the bank about $774,000 (HK$6m) a month in rent, the materials show.

Standard Chartered has said it's looking at office leases carefully in an environment where lenders face pressure to control expenses, even before the coronavirus hit. The London-based bank decided to offer flexible work options to more than 90% of its 85,000 staff around the world late last year.

Read more from Bloomberg.

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