The renovations of the landmark, listed building will include full repairs to the external stonework and the creation of a new ramped access.
Inside, the banking hall will be brought back to its former glory by recreating the original high ceilings and plaster mouldings while the fixtures and fittings will have a fresh, modern Scandinavian feel typical of Danske Bank, Northern's Danish parent company.
Designed by Irish architect Thomas Turner, the building dates back to 1866 - even pre-dating Derry's Guildhall by 21 years.
The entire refurbishment is being funded solely by Northern Bank, with Gerry Mallon, Chief Executive of Northern Bank commenting: "Our Shipquay Place branch occupies a prominent position in the city and has huge historical value.
"We are retaining the architectural features of the 19th century landmark building whilst at the same time bringing it right up to date as a modern bank.
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"Indeed the new branch has been designed with all customers in mind.
"They will experience a more open, welcoming feel and a unique design which combines the old with the new, complementing the local, personal service they are used to from our team of highly skilled and trained relationship managers and advisers," he said.
"The work represents a significant investment in the city and it demonstrates our confidence in the economic potential of the city, and our commitment and support for the North West.
"The renovation will preserve and sustain the building for future generations to come," he continued.
"We are delighted to play our part in the development of this thriving city by restoring the architectural features of our branch, particularly so at a time when the city's cultural heritage is deservedly in the spotlight as UK City of Culture 2013."
The work will complement other regeneration projects in the city, including a major public realm facelift and restoration of the Guildhall with Northern Bank having now appointed local architects Consarc to oversee the work at the Shipquay Place branch where initial work began last autumn, with the refurbishment to end this summer.
Commenting on the major restoration project, Derry's Mayor, Councillor Colum Eastwood said: "I am delighted that the Northern Bank is investing in restoring this key landmark heritage building in the heart of our city centre.
"This project will restore the building back to its former glory and will most certainly compliment other recent and ongoing physical regeneration projects including the Waterloo Place/Guildhall Square Public Realm Project, The former Northern Counties Hotel Building and The Guildhall," he said.
Last year Northern Bank became the major sponsor of the Maiden City's Millennium Forum in a significant three-year deal, a partnership since shortlisted in the recent Arts & Business Awards.
(BMcC/GK)
