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StanChart selling Kolkata property

Standard Chartered Bank India will be selling its iconic property in Kolkata. Situated at 19, Netaji Subhas Road in the central part of the city, the 80,000 sq ft office space is 100 years old. The bank intends to make use of the proceeds from the sale to clear some of the financial burden it is holding at present. The property is expected to fetch Rs 110 crore. The bank intends to move to a less costly location in the city. A spokesperson said as part of the bank’s ongoing process to achieve better efficiency, it divesting its branch office at 19 NS Road in Kolkata. The bank had inherited the property from ANZ Grindlays after it acquired ANZ’s operations in the Middle East and South Asia and Grindlays’ associated private banking business in 2000. The property was built by Mackintosh Burn, a contractor of several similar buildings in Kolkata.

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