ANZ to combine staff in single location in Singapore office move
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ANZ is making the move to Marina One complex, with its existing lease at Ocean Financial Centre set to expire soon.
PHOTO: REUTERS
SINGAPORE – ANZ Group Holdings plans to bring its Singapore staff together under one roof in the second half of 2026, combining employees from two offices in a new city-centre location, according to people familiar with the matter.
ANZ is moving to the Marina One complex because its existing lease at Ocean Financial Centre is set to expire soon, according to a separate memo viewed by Bloomberg News. The Australian bank said it aims for the new shared workspace “to better support how we work today and into the future”.
ANZ joins other banks in Singapore grappling with conflicting goals of reducing office costs while seeking to retain premier city-centre spaces, long preferred by financial and technological giants. Steady demand and a lack of significant new supply have kept occupancies relatively high.
The consolidation also marks a departure from the strategy of other banks, which have favoured cutting city-centre space while moving back-end staff to cheaper, less central locations.
ANZ’s existing Ocean Financial Centre location spans two floors and hosts front-office staff, with back-office employees based at Mapletree Business City near the country’s southern waterfront, the people said. ANZ did not respond to e-mailed requests for comment.
Marina One and Ocean Financial Centre are both located in the city centre, with the former boasting two office towers held in a joint venture by Singapore and Malaysia state investors Temasek and Khazanah Nasional. Both office developments have similar base rental rates, but negotiations often lead to lower offers.
Ocean Financial Centre is majority-owned by Keppel REIT, while Mapletree Business City is owned by another Singapore-listed real estate investment trust (REIT), Mapletree Pan Asia Commercial Trust. Spokespeople for both REITs declined to comment.
ANZ joins Bank of New York Mellon, which is moving to Marina One from its current location at Millenia Tower. Mitsubishi UFJ Financial Group and Macquarie Group are among the other banks with offices already in the development. BLOOMBERG
