Swiss bank UBS is close to a final agreement to rebuild its landmark offices in the City of London, a move that would bolster the UK capital’s traditional financial hub, which faces stiff competition from other European cities as well as from Canary Wharf.

UK developer British Land and private equity firm Blackstone Group, which together own the estate by Liverpool Street station, said they had "entered into non-binding heads of terms to construct UBS a new building" on the site of 4 and 6 Broadgate.