Standard Bank relocates to City


The South African bank, Standard Bank, will relocate from its current plot in Canon Bridge House, to 20 Gresham Street in the City, Property Week has reported.

The new building, due to be finished in September boasts 240,000sq ft of office space. Standard will take on 107,000 sq ft and is thought to be paying £57.50 per foot on a ten-year lease.

Standard is the largest South African bank by assets and earnings and dates back to 1862.

It reported an increase of 21 per cent on headline earnings per share last month, with chief executive, Jacko Maree, saying: "Geographic diversification has paid off for us in 2007 and will continue to do so into the future."

The move is one of only a few letting deals of more than 50,000 sq ft since the beginning of the year.

The UK’s major banks are set for difficult times if the Bank of England’s estimations are accurate.

It said they could forfeit up to £5 billion as they are exposed to falling commercial property prices.