Standard Chartered Bank Hong Kong has committed to lease an entire area of a high-end strip at the Exchange Square for its private banking operations.

SCBHK signed a deal with Hong Kong Land, the Asian property management firm, to lease the whole of The Forum, a  building rising five storeys with some 48,000 square feet of prime office space. The site is currently undergoing a redevelopment phase to fit more with the needs of the growing high net worth market and is set to re-open in early 2014.

"We will invest HK$1 million (US$129,000) over five years to turn The Forum into our Greater China private banking hub. Hong Kong is an international financial centre, serving as a gateway between China, the Asian region and the rest of the world," saidBenjamin Hung, executive director and chief executive of Standard Chartered Bank Hong Kong.

The Forum will house both the bank's private banking business and a flagship retail branch.

Standard Chartered is UK-headquartered but has been operating in Hong Kong since 1859. It incorporated its Hong Kong business on 1 July 2004 and now operates in the country as a licensed bank.