The Transport for London Board confirmed the decision today.

TfL will now notify all bidders of the outcome and start the standstill period which ends on Monday, 15 July when the contract will be formally awarded.

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.

Work is currently due to start in 2015.

David Waboso, LU’s Capital Programmes Director said: “We used the new Innovative Contractor Engagement procurement process for the first time with this project.

“The process has been designed to allow bidders to bring their expertise and knowledge to drive innovation that will reduce cost and risk to the project.

“We’re delighted with the outcome and market response to our innovative procurement model that meets the Mayoral and Governmental imperative to deliver better value for money and public spending.

“The lead bidder represents both the lowest bid price and offers the greatest benefits.”

The process was designed to get the benefits of early contractor involvement while developing major design and build contracts.

This innovation is commercially confidential to each bidder so they are able to fully derive the value and competitive advantage of their innovation through the procurement process.

The selection of a leading bidder has been carried out through the use of an ICE process, whereby tender submissions were assessed against a previously developed RIBA-D  base design.

Bidders who dropped our earlier in the race were BFK Joint Venture (BAM Nuttall, Ferrovial SA & Kier) and MBA Joint Venture (Morgan Sindall, Balfour Beatty & Alpine Bemo Tunnelling).