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HSBC is to move its national headquarters from London to Britain's second largest city, Birmingham.
Britain's biggest bank announced Tuesday the new home for its national head office will be Arena Central, a new office and business enterprise complex in the heart of the Midland's city.
It will mean relocating at least 1,000 staff from the capital, in what is being described as the biggest investment deal in Birmingham for a generation.
The move is a response to the British Government's banking reforms which led to legislation being passed by parliament in 2013 to introduce ring-fencing into the banking sector to protect customers.
The move to Birmingham is expected to start as early as June, with the exercise to be completed by 2019, with officials from HSBC said to be in advanced negotiations about a 250-year lease on their new home.
Antonio Simoes, chief executive of HSBC U.K., said: "We want to be the bank of choice in the U.K.. Creating our ring-fenced bank head office in Birmingham gets us a step closer to that ambition for our 16 million personal and business customers.
"The city is close to London. Birmingham is a vibrant, growing city that has the expertise and infrastructure to support our ring-fenced bank."
The Birmingham Post in an editorial comment Tuesday said announcing Birmingham as the winner of a race to host a new headquarters for the bank was "the biggest deal of a generation for this city, but it will make waves stretching across Europe and beyond."
The Post said HSBC's decision follows the arrival in Birmingham of Germany's Deutsche Bank which has expanded rapidly in the city, turning the eyes of the banking world on Birmingham.
