Over 1 million sq ft of office development is planned to be completed from 2017.
The proposal is part of Birmingham's plan to turn itself into a global financial services hub by 2030.
Council Leader Sir Albert Bore said: "This is an important part of our plan to turn Birmingham into a global city within 20 years.
"We’re investing on an unprecedented scale to entice businesses here, and the sheer scale of planned development is attracting financial firms from across the world."
In 2014, £630 million was transacted in office space deals within the city centre.
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HSBC has made plans to move its new ring-fenced head office to Birmingham.
The bank has purchased the 210,000 sq ft Arena Central site, with work beginning this summer and HSBC occupying the development from early 2018.
Antonio Simoes, Chief Executive Officer of HSBC UK: "We have been looking at options for the head office of our ring-fenced bank for some time. It became clear to us that Birmingham would be the right location."
Chief Executive of investment agency Marketing Birmingham, Neil Rami, said: "Birmingham has worked incredibly hard to transform itself into a prime destination for financial and professional services firms.
"Those firms demand and need world-class office space, and the city is providing that on an unprecedented scale."
Development will be centred around the Colmore Business District, with the city's £600 million Snow Hill plan adding skyscrapers and transforming the skyline of the area.
Work is due to begin on the 400,000 sq ft Three Snowhill building, which will offer new office, retail and leisure space.
The first phase of the £500 million Paradise regeneration project will see 330,000 sq ft of office space delivered in 2018.
(LM)
