Chennai, March 2026 – US-based banking major US Bancorp is in advanced discussions to lease over 650,000 sq ft of office space in Chennai to establish its first Global Capability Centre in India, with the proposed transaction expected to be executed at Embassy Tech Splendid, a commercial campus owned by Embassy Office Parks REIT. The facility is likely to be developed under a build-operate-transfer model in partnership with Cognizant Technology Solutions, with estimated monthly rentals of ₹4.5–5 crore.
The centre will support technology, analytics, and back-office functions, with hiring projected at 3,000-5,000 employees over the next few years. Separately, US Bancorp is establishing a wholly-owned centre in Hyderabad as part of a dual-city GCC strategy making this one of the most significant BFSI GCC commitments to India in the current investment cycle. In addition to Chennai, the bank is evaluating approximately 400,000 sq ft of additional office space across Bengaluru and Hyderabad, indicating a phased multi-city scaling strategy.
The BOTS Model and What It Signals
The Build-Operate-Transfer-Service model with Cognizant marks a strategic insourcing move for US Bancorp, the bank takes the benefits of Cognizant’s established GCC infrastructure, hiring pipeline, and real estate expertise, while retaining the right to fully own and operate the centre once it has been operationally stabilised, typically within 18 months of go-live. This model has become the preferred entry mechanism for global financial institutions entering India’s GCC market later than peers: it reduces time-to-capability while building toward full institutional ownership.
Embassy REIT’s Chennai properties have been expanding, with large international companies as key tenants. Embassy REIT’s overall occupancy remains above 90%, and GCCs are a major source of its rental income, making up about 64% of total rentals.
