“City Bank is purchasing land in Gulshan and constructing the framework of a new modern building.”

City Bank is set to develop its own towering headquarters in the heart of Gulshan, Dhaka, on a 40-katha plot, following approvals from both RAJUK (Rajdhani Unnayan Kartripakkha) and Bangladesh Bank. The bank’s board of directors has formally sanctioned the ambitious project, which will see a 28-storey building rise on the site.

However, the project has attracted scrutiny from some quarters due to allegations that the land was purchased at a price significantly above prevailing market rates.

According to banking sources, City Bank has acquired an additional 20 kathas of land adjacent to its existing 20-katha plot in Gulshan, employing a “specialised acquisition strategy.” The total expenditure for this additional plot is reported to be BDT 345 crore. City Bank, which is publicly listed on the stock exchange, has yet to comment in detail on the pricing concerns. Real estate experts have noted that the transaction appears to have been concluded at a value considerably higher than the current market level.

The new development will replace the bank’s existing building on the original 20-katha plot, which has already been demolished. RAJUK has granted permission to construct a 28-storey structure, of which the first five floors will be dedicated to car parking. The remaining 23 floors will accommodate the bank’s main headquarters operations. With the enlarged plot, there is potential for further expansion in both height and floor area.

City Bank’s Managing Director and Chief Executive Officer, Masrur Arefin, told the media: “Bank buildings and offices around the world are often architectural landmarks. We aspire to create a similarly iconic presence in Bangladesh. We are grateful to Bangladesh Bank for endorsing our plans, and we aim to complete our own headquarters swiftly and begin operations without delay.”

Currently, City Bank’s headquarters functions are being carried out from a rented facility in Gulshan. Once the new building is ready, the bank will relocate its staff to the new premises. The bank employs over 7,100 staff members nationwide and operates 134 branches and 70 sub-branches across Bangladesh.

This development marks a major milestone for City Bank as it aims to consolidate its operations in a landmark facility that reflects both functionality and aesthetic appeal in Bangladesh’s competitive banking sector.