Speaking to The Financial Express, Stanchart Facilities Management Division head Ajoy Kapoor said that the bank was looking at re-aligning its properties in various cities according to the bank's current and future needs.

``We have been in the country for a long time and we have to evaluate our properties in the perspective of the bank's needs today. So our effort is to re-configure our real estate,'' he said.

This re-configuring will take place with a mid-term strategy of the bank and its position three years down the line, as the base of deciding on the suitability of the property.

As far as the Chennai property is concerned, he said that three options were being considered. While sale and lease back is one option, another is toconsolidate all Chennai operations under one roof either at Armenian Street or at another suitable place. Currently the bank has operations in Royapettah, Anna Nagar and Mylapore.

The main factor being taken into consideration here is the technology investments made into the Armenian street building. ``This branch is connected to all branches on line and the technology input is high. We have to take this into consideration when we are looking at the property. With banking becoming more technology driven, we have take this factor also into consideration before taking a decision,'' Kapoor said.

The bank will circle on the hubs of future activity which are likely to be the metros like Mumbai, Delhi, Chennai and Bangalore and work its real estate according to the focus areas.

The valuation of the property on grounds of suitability and worth will be done by the property division of Stanchart, he added.

The valuations of property have not yet begun, he said. And the bank is also in no great hurry to come toa final decision considering the dull real estate market in which the terms are likely to be low. Armenian Street has been the headquarters of the bank for a long time and is something of a landmark in the Parry's corner area, where it is located.

The bank located here when Parry's Corner was the hub of all commercial activity in Chennai. But Kapoor strongly denied that the object of the exercise was to shift to another place which was closer to the commercial centres in Chennai. ``We have other branches located all over Chennai and while it would be nice to be at the centre of the commercial district, it does not make a great deal of difference, since all our offices have on-line communication.''

There are similar exercises in other cities also where Stanchart has real estate which is not really suited to the banks current profile. But while the official view is that the bank is in no tearing hurry to do away with its property, there have been some rumours in the Chennai market that says that the bank isalready looking for buyers. Top real estate consultants have apparently been briefed to find a suitable buyer for the building.