Standard Chartered has reportedly decided to surrender several floors in its main offices in Hong Kong in a bid to cut costs.

The British banking group is relinquishing its lease on eight floors of the Standard Chartered Bank (SCB) building in the Central District, Bloomberg reported citing the Hong Kong Economic Times newspaper.

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Additionally, the UK lender will also rent out three floors of its office in Kwun Tong district.

The office space will be available between March 2021 and April 2022, the report added.

The Standard Chartered Bank (SCB) building in the Central District is owned by Hang Lung Properties.

According to marketing materials seen by Bloomberg, the landlord charges nearly HKD6m ($774,000) per month in rent for the floors.

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These floors span about 60,000sqft (5,574 square meters).

A spokeswoman for Hang Lung Properties said that the company regularly reviews its office leasing portfolio and that it is not in a position to discuss an individual tenant’s arrangement.

On the other hand, the bank said that it is reviewing offices leases “carefully” as lenders grappled with cost pressures even before the pandemic hit.

In November 2020, Standard Chartered unveiled a plan to provide 90% of its 85,000 employees flexible work options over the next three years, following the footsteps of other foreign firms in Hong Kong.

HSBC allowed all its employees in Hong Kong to work from home and office alternatively.

Recently, BNP Paribas decided to surrender a floor in Two International Finance Centre, Bloomberg said.