Axis Bank Ltd. is considering moving its employees across multiple offices in Mumbai as it awaits a new headquarters in the densely packed city, people familiar with the matter told Bloomberg.
The lender has failed to find a single office large enough to accommodate the nearly 3,000 employees currently working at Axis House in Worli, they said.
The bank plans to leave the existing building by April, after which it will be demolished to make way for a new 32-storey tower. The new headquarters is expected to take about five years to complete. No final decisions have been taken, the people said.
A representative for Axis Bank declined to comment.
The proposed moves underscores a growing challenge for large companies in one of the world’s densest cities to find enough office space to house staff under one roof. Citigroup Inc., HSBC Holdings Plc and other firms have also been hunting for space in Mumbai, people familiar with the matter have said.
Axis Bank’s temporary move will impact teams across banking, investment banking, non-bank finance company and global capability center operations, as well as senior management, the people said. The firm has multiple offices in Mumbai and aims to consolidate its workforce in the new headquarters, the people added.
Demand for office space has been robust across India, with vacancies across the top eight cities continuing to edge lower, according to an August report by Cushman & Wakefield.
