Swiss bank UBS has set up its office on part of recently leased 4 lakh sq ft space in K Raheja Corp’s Mindspace complex in Navi Mumbai’s Airoli locality. The new office of the Zurich-headquartered, NYSE-listed multinational bank will provide IT infrastructure support to UBS’ international operations and also house its global service center hub.
This is the first instance of an international bank setting up its service center in Navi Mumbai. Currently, three large domestic banks including State Bank of India and Axis Bank already have their back office units in Mumbai’s satellite city.
ET had reported the transaction, one of the largest occupier lease transactions, first in October.
In the first leg of the transaction, the bank’s India arm has picked up 1.50 lakh sq ft office space. Rest of the space will be picked up in phases over the next 12-18 months as part of the bank’s growth plan.
Read more: The Economic Times