The headquarters of Santander are to be transformed into a public space and art gallery following the move of the Spanish banking giant to new offices.

Coming as part of an initiative to bring much of the bank’s vast art collection – currently held in Madrid – to Santander itself, Santander will move its operation to the nearby Banesto building, freeing up its former home for public use.

British architect David Chipperfield has been selected to reimagine the Pereda Building following an international contest, which will see the creation of the new museum and rooftop space open to the public. The main mission of Chipperfield will be to "preserve and enhance the architectural, historical and artistic elements of the building, integrating them with its institutional use".

In addition to the art gallery, the building will feature an exhibition hall. This will house drawings, sculptures, ceramics and watches, as well as a large set of coins and bills.

Santander has been based in its current home for 95 years. Its art collection includes more than a thousand works from famous artists dating back to the 16th century. These include pieces by Rubens, Picasso and Van Dyck.

"I want this project to symbolise our commitment to Cantabria and to the city of Santander at a time of transformation and great challenges for everyone," said Santander group executive chair, Ana Botín.

"To open our headquarters is to open our home and allow customers and the general public to get to know us better and make our home their own."