Hyderabad

SBH to shift its head office to Cyberabad

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New facility to cost Rs.100 crore. Gunfoundry branch will continue to function out of the majestic, INTACH awarded building in Abids.

State Bank of Hyderabad (SBH) is planning to shift its head office to Cyberabad, close to the heart of the IT hub. The estimated investment on the new facility, with over 2.30 lakh sq ft built up area, is Rs.100 crore.

An institution closely associated with the city of pearls, a vestige of the Nizam era subsequently nurtured by the Government of India, SBH's head office is now located adjacent the iconic Gunfoundry building in the commercially vibrant Abids area.

The majestic Gunfoundry building, a recipient of INTACH award that houses one of the largest SBH branch, however, will continue to be used. "Gunfoundry branch will continue be here... only planning to shift the head office," he said launching the Cyberabad Zone of the SBH.

Construction on the new building for the head office has begun and the work is expected to take 18 months. On the reason for the proposed move, Mr. Mukherjee cited space constraints in the existing building, which is about 1.40 lakh sq ft of built up area.

The estimated cost of the new facility is Rs.100 crore, he said, adding the bank was yet to decide whether to implement the project in one go or in phases. The new head office, he said, is coming up on a 5-acre land in possession of the SBH.

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Printable version | Jan 18, 2020 11:15:09 AM | https://www.thehindu.com/news/cities/Hyderabad/sbh-to-shift-its-head-office-to-cyberabad/article7625308.ece

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