The ICE procurement process was piloted on the project for the first time and saw Spanish contractor Dragados clinch the job in July.

Any engineering innovation was kept commercially confidential during bidding to allow firms to enjoy the full competitive advantage during procurement.

Adopting this method on the Bank project has delivered 45% additional value through cost savings and improved benefits.

This has reduced the estimated final cost of the project by £61m and cut planned engineering closures by more than 22%.

David Waboso, London Underground’s Capital Programmes Director, said that the process was designed to allow bidders to bring their expertise and knowledge to drive innovation to reduce cost and risk to the project.

“We’ve adopted a new innovative approach to developing the Bank proposals which has allowed us to incorporate innovations through market competition.”

The Bank and Monument Tube station complex is located in the heart of the Square Mile and is the fourth busiest interchange station on the Underground network with 96,000 customers during the morning rush hours.

The upgrade project will, by 2021, deliver increased capacity at Bank station and a step free route between the Northern line platforms, DLR and street levels.

Click for Bank Station Project Timeline

Demolition and tunnelling work will start in 2016.