British banking giant Standard Chartered is looking to establish a new office in eastern Europe as part of its strategy to expand operations in the region.

The London-headquartered bank plans to hire approximately 500 employees to operate from the new office.

The emerging markets-focused lender said the new office will support all of its European locations.

Warsaw, the capital city of Poland, is one of the possible locations being examined by the bank. The bank is considering Krakow, Prague as well as Budapest for its planned new office.

Standard Chartered said it will make a final decision about the location by the first quarter of 2018.

Standard Chartered manages a network of more than 1,100 branches, offices and outlets in 68 countries across the globe.