HSBC Bank in Cornmarket is expected to move to a different part of the street.
A planning application has been approved for a new branch in one of the units at the Cheng Yu Tung building owned by Jesus College.
The college spent three years demolishing Northgate House and building a new student accommodation hib which incorporates retail units facing Cornmarket.
READ AGAIN: First look inside new Northgate House
The new building opened in October, and the retail units have not yet been filled but are now being marketed.
One of the units looks set to be taken by HSBC Bank, which is likely to mean its branch at the Carfax end of Cornmarket would close.
City council spokesman Tony Ecclestone said: "An application was approved on 14 February 2023 for change of use from retail (Use Class E) to flexible use (Use Class E/Use Class E(c)(i)) for use as a commercial banking facility including external alterations namely new external cash machine, new CCTV cameras, and removal of existing doors to facilitate new glazing panels at Northgate House, 13-20 Cornmarket Street, Oxford."
Planning consultants CBRE said in the application to the city council: "HSBC are seeking to relocate to Unit 3 Northgate House as it provides better quality and more suitable space to operate their banking service.
"The existing HSBC premises is not considered suitable for the needs of customers and the application site will facilitate a more efficient operation of the bank.
"The current HSBC site will be vacated and will allow space for a retail unit - as such the balance of uses in the city centre is maintained."
A spokeswoman for Jesus College said: "The college is having discussions with HSBC via their agent CBRE."
Getting a business to take on the empty HSBC may not happen straight away.
In 2018 NatWest closed its branch on the corner of George Street and Cornmarket to move to a new branch in the centre of Cornmarket.
The former NatWest branch has not been re-let and remains boarded up.
In 2019, the premises was being marketed by property consultants VSL.
Its director Richard Venables said at the time: “Banks are changing and want more open plan customer focused facilities so the old-style banking halls are changing.
“We are speaking to a number of restaurant operators about the building because it’s in such a prime position close to the theatre and the cinema.
“It’s ideally situated for a restaurant but it would have to be a well-known operator as the level of rent will be in excess of £200,000 - it has to be a big player.”
Mr Venables said in 2019 other options for the premises at 32 Cornmarket would also be considered but a restaurant business was most likely.
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This story was written by Andy Ffrench, he joined the team more than 20 years ago and now covers community news across Oxfordshire.
Get in touch with him by emailing: Andy.ffrench@newsquest.co.uk
Follow him on Twitter @OxMailAndyF
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