Shanghai Commercial Bank, a Hong Kong-based privately owned lender, may invest HK$500 million to HK$600 million to redevelop its headquarters in Central.
Managing director David Kwok Sek-chi said the new headquarters, which combined the existing complex and the adjacent CNAC Group Building it recently bought, would generate about 140,000 square feet in gross floor area.
The bank made a successful HK$1.388 billion tender last week for the CNAC Group Building at 10 Queen's Road Central.
The building has a gross floor area of about 70,000 sqft. Shanghai Commercial Bank's current headquarters has more than 40,000 sqft.
Mr Kwok said the bank was reviewing the possible redevelopment as it needed more office space for its business expansion. 'Our vision is to expand business by leveraging our advantage in Hong Kong, the mainland and Taiwan.'
Shanghai Commercial Bank, which holds 3 per cent of the mainland's Bank of Shanghai, is 57.6 per cent held by Taiwan's Shanghai Commercial and Savings Bank. The three lenders co-operated on credit cards, wealth management and other business referrals, Mr Kwok said. 'It's a good platform for us to further expand our business.'