Bank’s £1.2bn City swoop

US BANK Citigroup is looking to buy its London skyscraper offices for a reported £1.2bn.

In a boost to the capital ahead of Brexit, the firm is said to be in talks with property owner AGC Equity Partners about acquiring 25 Canada Square tower in Canary Wharf. Citi has been based at the 42-storey office since 2001 and uses it as its main headquarters for Europe, the Middle East and Africa.

The bank’s move is part of its new strategy to own rather than lease its buildings, in a bid to cut costs.

It employs around 6,000 staff in London.