The scheme will comprise a supermarket, 500 space underground car park and 50,000 sq ft of office space in Peterborough city centre.
ING is hoping to start work on the mixed-use scheme in 2012.
Gerwyn James, a spokesman for ING, said the firm wanted to link the development to Peterborough’s green credentials by incorporating wind turbine generators on the site and attracting eco-friendly firms to take up retail and office units.
Mr James added that the development also aimed to deliver better pedestrian links between the city centre and the station and the site.
City MP Stewart Jackson said: “I’ve been campaigning for a number of years for the station itself as well as the station quarter.
“To get up-market shops, offices and perhaps cafes there will be the beginning of the transformation of that area.
“It will be complemented by the development of the North Westgate area which will go some way to repairing Peterborough’s image problem.”