By Jonathan Davies

HSBC has announced its plans to relocate its headquarters from London to Birmingham.

The bank will move the personal and business arms to the Midlands, starting in mid-2017.

Around 1,000 jobs will be transferred from London to Birmingham as part of the move.

Birmingham City Council said the bank is in "advanced negotiations" on a 250-year lease for a new office at Arena Central in the city centre's enterprise zone.

Development of the site is due to begin in June. It is currently occupied by the Alpha Tower and the Crowne Plaza Hotel. Arena Central will be built on the 1.5m sq ft (139,366 sq m) site.