HSBC Building, the Bund
| Company type | Building |
|---|---|
| Industry | Banking (historical) |
| Founded | June 1923 |
| Headquarters | Shanghai , China |
| Products | Banking headquarters (historical) |
The HSBC Building, also referred to as the Municipal Government Building, is a six-story edifice designed in the neo-classical style, situated on the Bund in Shanghai, China. From 1923 until 1955, it functioned as the headquarters for the Shanghai branch of The Hongkong and Shanghai Banking Corporation. Presently, it serves as the premises for Shanghai Pudong Development Bank (SPD Bank). Positioned at number 12 on the Bund, this structure was created by the British architectural firm Palmer & Turner and was erected between May 1921 and June 1923.
Layout
At its completion, the HSBC Building was acclaimed as "the most opulent structure from the Suez Canal to the Bering Strait." Covering an area of , it ranked as the largest banking facility in the Far East and was second only to Edinburgh's Bank of Scotland building worldwide.
The façade presents a strict neo-classical style characterized by tripartite divisions both vertically and horizontally. A dome crowns a triangular pediment reminiscent of ancient Greek temples, upheld by six Ionic columns that span from the second through fourth floors. The overall construction consists of five main stories, with a central section rising seven floors and a basement of one and a half stories. Built with a steel framework infilled with brick and enveloped in granite, it marries structural strength with classical design.
Inside, premium materials such as marble and monel are utilized, complemented by modern heating and air-conditioning systems. The principal trading hall is distinguished by four columns carved from single marble blocks—a notable rarity in Asia at that time.
Adjacent to the main building is an annex housing bank offices, secure storage rooms, and vaults.
History
HSBC inaugurated its Shanghai branch on 4 March 1865, initially occupying space on the ground floor of the Central Hotel (currently known as the Peace Hotel) located at the intersection of the Bund and Nanjing Road.
By 1874, expanding business necessitated larger premises. Consequently, HSBC acquired the Foreign Club building—a three-story property at number 12 on the Bund—for 60,000 taels of silver.
In 1912, HSBC further expanded by purchasing numbers 10 and 11 on the Bund and commenced plans for a new building. Construction began on 5 May 1921 and concluded in June 1923. The project incorporated traditional Chinese customs, including consulting feng shui masters and embedding coins within the foundation stones. Spanning 1.3 hectares with a floor space of 23,415 m2, this building was designed by Palmer & Turner—the same architects behind other significant Bund landmarks like the Yokohama Specie Building and the Bank of China Building.
During World War II, control of the HSBC building passed to the Japanese Yokohama Specie Bank. HSBC reclaimed possession after the war ended.
Following Shanghai’s Communist takeover in 1949, HSBC faced operational constraints until it gradually reduced activities in 1955 and transferred ownership to government authorities. Subsequently renamed "The People's Government of the Municipality of Shanghai Building," it became home to municipal offices later that year. The adjacent annex was repurposed in 1956 to accommodate Municipal Archives.
In 1990, amid growing commercial interest in properties along the Bund, HSBC sought to reacquire this historic building but negotiations failed due to disagreements over price.
After the Municipal Government vacated in 1995, leasing arrangements were made with SPD Bank. Renovation efforts during this period revealed important murals within. Currently, HSBC’s Chinese operations are headquartered at HSBC Building within Shanghai IFC.
Bronze lions
During the building's construction, the bank commissioned a pair of bronze lions from the United Kingdom to stand guard on either side of the entrance staircase. These sculptures were produced by J W Singer & Sons in Frome and crafted under the direction of Henry Poole RA. One lion is depicted roaring, representing vigilance, while the other remains calm, symbolizing stability. They were affectionately named Stephen and Stitt in honor of prominent HSBC managers in Shanghai, with Stephen embodying a more vocal demeanor and Stitt a quieter presence.
This original duo inspired a grander set created by British artist W W Wagstaff for HSBC’s Hong Kong Headquarters, which opened in 1935; that pair was cast locally in Shanghai.
During the Second World War, the Japanese removed the initial lions intending to melt them down for bronze, but they survived and were restored after the conflict. In 1966, amid the Cultural Revolution, they were taken down once more and placed in storage by the Shanghai Artefact Administration Board before eventually being exhibited at the Shanghai Museum. When SPD Bank took over the premises in 1997, replicas of these lions were installed outside.
Dome mosaics
The octagonal entrance hall was originally adorned with eight mosaic murals on its dome, illustrating zodiac signs, geometric patterns, lions, and mythological figures such as Apollo, Luna, and Fortuna. In 1956, an architect proposed covering these mosaics with stucco and paint to protect them during a period when the building was repurposed as a guest house for a Soviet Navy delegation. This decision was influenced by criticism labeling their style as excessively "Westernized." Chen Zhi from the Shanghai Civil Architecture Institute successfully advocated for preservation through concealment rather than destruction.
The mosaics were rediscovered during renovation work funded by SPD Bank in 1997 and subsequently restored. The original HSBC emblems were replaced with SPD Bank logos alongside images of Magnolia denudata.
Each mural symbolized a city where HSBC operated branches, featuring mythological figures supported by personifications of local rivers and cities:
- Shanghai: Mazu stands accompanied by figures representing the Yellow and Yangtze Rivers, set before depictions of HSBC and Customs House buildings; the base includes Qing Dynasty merchant flags alongside British ensigns.
- Hong Kong: A goddess is flanked by the Union Jack and figures embodying the Pearl River and South China Sea, holding a junk and a book dated MDCCCXLII; beneath are flags representing Hong Kong’s Governor and the UK Lord High Admiral.
- Tokyo: A goddess symbolizing "Studying" is supported by personifications of "Progressive" (bearing a shield with the Imperial Seal) and "Science," set against Tokyo landmarks; national and imperial Japanese flags appear on the base.
- London: Britannia holds the City of London arms alongside a figure representing the River Thames before Westminster Palace and St Paul’s Cathedral; royal arms of England, Scotland, and Ireland decorate the base.
- New York: The Statue of Liberty is depicted with Hermes and Columbia against a Manhattan skyline backdrop; at its base are the US flag, New York City arms, and an eagle clutching an olive branch and arrows.
- Bangkok: A goddess of Fertility stands with figures symbolizing "Work" and "Harvest" before scenes of the Chao Phraya River and Grand Palace; Thailand’s national flag, naval ensign, and royal arms appear at the base.
- Paris: Marianne carries the motto LIBERTÉ, ÉGALITÉ, FRATERNITÉ alongside Nike and a patron saint bearing French arms before the Seine River; fleurs-de-lys and Parisian coats of arms adorn the base.
- Calcutta: Kali is featured with representations of the Ganges River and Calcutta arms before an urban cityscape; lions and egrets decorate the base.