The Royal Bank of Scotland is mulling proposals to build the world's largest trading floor at a new $400m, 500,000 square foot office complex in Stamford, Connecticut.
The plan was disclosed by governor of Connecticut Jodi Rell, who says the state is prepared to contribute $100 million in tax credits to bring the operation to Stamford.
RBS says the plans, which would entail the merger of its corporate banking business in New York with its RBS Greenwich Capital subsidary and the relocation of its headquarters to Stamford, are awaiting board approval.
If the project gets the green light, around 550 staff would be transferred to the new facility from New York, along with 700 staff from RBS's Greenwich office. About 600 new jobs would be generated through continuing growth of the bank.
The proposed site of the new office is directly across the road from UBS's operations. The Swiss bank's trading floor in Stamford is currently thought to be the world's largest at 103,000 square foot.
Construction of the new RBS office could start as early as February, says governor Rell, pending approval from the Connecticut Development Authority, with the bank moving in by early 2009.