The first potential tenant for Jersey's new finance centre has been announced.
UBS has agreed to move its business to the international centre, which will be based on the corner of the Esplanade and Castle Street, on the St Helier Waterfront.
Lee Henry of the Jersey Development Company says the news "demonstrates long-term confidence in the island as a leading financial services jurisdiction".
He also says "it provides the necessary pre-let to begin the construction of the JIFC's first building".
Local contractor Camerons will build the first building.
The news will come as a blow to campaigners who have been protesting against the development.
It also comes in spite of an announcement earlier this week, that a rival planning company has lodged an appeal against planning permission for the international finance centre.