Deutsche Bank has agreed a deal to move to a new City headquarters, defying fears that large financial institutions are planning to leave the capital after Brexit.

An internal memo sent to staff today and seen by The Daily Telegraph said that in 2023 the bank will move to the new headquarters, which are owned by property developer Land Securities.

Deutsche Bank has agreed a 25-year lease for the building currently under construction near Moorgate station, in the heart of London’s financial district.

It will leave Winchester House, its current base, where its lease expires in 2023. The lender also has several other leases which will expire in the coming years, and over time hopes to reduce its presence from the current 15 buildings in London.

“The move underlines the bank’s commitment to the City of London and the importance it attaches to being an employer of choice in the capital,” the memo from Garth Ritchie, UK chief executive, read.

“It will advance the bank’s strategic goals of increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions.”