Arab Investments, the development manager of the space owned by a Middle-Eastern consortium, is currently in talks with the banking giant.

If successful, HSBC would be responsible for arranging capital from other banks to finance the project, which could reach up to £1 billion in development costs.

The huge construction fees and expenditure plans mean a number of banks will be needed to provide the capital – this will spread the cost into smaller manageable loan agreements across more lenders.

The group of owners include Pramerica Real Estate Investors and the Saudi Arabian firm Sedco. Bought in 2008 for £200 million a further £200 million was invested into the building to pay for running costs.

The glass structure, which will be the tallest in the city when completed, has been under development since 2002 and is nick-named the Helter Skelter. It’s spiral design will reach a height of 288 metres and will be situated close to the Gherkin in the City.

Designed by architect Kohn Pederson Fox, the Bishopsgate office space will be able to house 800 workers and is due to be completed in 2013.