A CITY centre shoe shop is to be transformed into a bank which will open seven days a week.

HSBC will take over the Footlocker store at the corner of Argyle Street and Buchanan Street, creating 50 jobs.

Planners have relaxed the rules to allow the bank to take over the historic building.

Footlocker has revealed it wants to quit its current shop and move to smaller premises in the city centre to cut costs.

Steve Inch, the city council's executive director of development and regeneration, said: "They reaffirmed Glasgow city centre remains one of the key retail destinations for Footlocker in the UK."

Council policy says properties at street level in the city centre should only be used for shops but HSBC said it wanted to move in.

The bank plans to invest £5million which includes restoring the Footlocker frontage to how it looked when the shop was run by mens' outfitters Burtons.

Designed by Leeds-based architect Harry Wilson in 1929, for generations the B-listed building was the place to go in Glasgow for a new, made-to-measure three-piece suit - supposedly the basis for the term the Full Monty'.

Despite being updated in the late 1930s, the building, built in Portland stone, still commands its corner position at the junction of two of Glasgow's finst and busiest shopping streets Mr Inch said: "HSBC is embarking on a phased relocation of regional office functions from Edinburgh to Bothwell Street in Glasgow, improving existing facilities and securing a flagship retail store in Glasgow.

"This would bring an initial investment of £5m and the creation of 50 jobs."

The new bank would open seven days a week.

The bank believes the new branch would be visited by more than 7000 different customers each month and as a result would provide a boost for Argyle Street and Buchanan Street.

Councillors agreed to let the bank take over the Footlocker shop when they were told only HSBC will be allowed to run it as a bank.

If it moves out, the property will have to return to commercial use.

Anderston/City councillor Gordon Matheson said: "I warmly welcome this £5m investment by HSBC, which will provide a very convenient banking service at the times the city centre is busiest, and will also bring 50 well-paid jobs to the city.

" I am also pleased with the pragmatic approach by my planning colleagues in supporting this proposal and I am encouraged Footlocker intends to relocate elsewhere within central Glasgow.

"I fully appreciate it is a tough economic climate for retail, not only in Glasgow but indeed across the developed world.

"Shops feel the effects early-on of an economic downturn but should also benefit as mortgage payments and interest rates reduce and we come out of recession."