The headquarters of the personal and business arm of HSBC bank will relocate from London to Birmingham, it has been announced.
The bank said about 1,000 jobs will be transferred from the UK capital as part of the move, starting in mid-2017.
Antonio Simoes, of HSBC, described Birmingham as a “growing city” with the “expertise and infrastructure” to support the bank.
Birmingham City Council and Marketing Birmingham both support the move.
The bank is in “advanced negotiations” for a 250-year lease on a new office at Arena Central in the city centre enterprise zone, the city council said.
Arena Central will be built on a 1.5m sq ft (139,366 sq m) site occupied by the Alpha Tower and the Crowne Plaza Hotel.
The council said development of the site is expected to start in June.