Barclays Plc, Credit Suisse Group AG, Standard Chartered Plc and Citigroup Inc. are among global financial firms looking to add office space in India even as they trim their retail operations worldwide, two people aware of the matter said.
Much of this space will be used to house the banks’ captive technology businesses in cities such as Mumbai, Bengaluru and Pune. “Most of these firms are looking for anywhere between 200,000 to 300,000 sq. ft of office space,” the first of the two person mentioned above said.
While Citigroup, Barclays and Credit Suisse declined to comment, Standard Chartered did not respond to an email seeking confirmation on the development.
According to Wind of Change, a December 2016 report by global property consultant Cushman and Wakefield, the outsourcing sector will need around 100 million sq. ft of office space in India and the Philippines through 2020, of which 30-40% is likely to be banking related.
“Global financial giants are increasingly opting for more cost-efficient locations to house their back-end operations, in line with efforts to contain costs,” said the report. It added that most European and American banks are “restructuring, cutting back on resources and operating expenses in Asia and moving some jobs to low-cost, emerging markets within the region.”
Read more: Live Mint
