2nd February 2026

Since the 1970s, Hong Kong has solidified its status as a global financial hub by attracting institutions from around the world. By 2019, it was home to 70 of the world’s 100 largest banks and nearly 200 authorized institutions, including dozens of foreign representative offices.

However, geopolitical tensions, pandemic disruptions, and the introduction of national security laws have introduced new challenges. In 2019 the large-scale protests and associated unrest significantly damaged key economic pillars. Some international firms have adjusted operational footprints or shifted certain regional roles to Singapore. The Hong Kong Stock Exchange saw reduced IPOs and trading volumes compared to pre-2019 levels. Just as the social unrest was subsiding, the pandemic hit, delivering a more protracted downturn and a slower than expected recovery.

Yet, even amidst geopolitical shifts and economic fluctuations, Hong Kong’s status as a leading international banking and financial centre endures. As of August–November 2025, Hong Kong was home to:

• 176 authorised institutions (licensed banks, restricted licence banks, and deposit taking companies)
• 27 local representative offices of foreign banks

This sustained foreign interest signals strong confidence in Hong Kong’s financial environment and its enduring status as a strategic regional hub. According to HKMA statistics and market observations, several foreign banks have either set up new offices, upgraded existing operations, or expanded licenses in Hong Kong in the recent years. A notable example is the announcement of Asian Infrastructure Investment Bank to establish an office in Hong Kong.

Northcroft Hong Kong’s early history is deeply intertwined with the development of Hong Kong’s banking and financial sector, as its first project in 1986 was a joint venture with the local quantity surveying firm Levett & Bailey to work on the new HSBC Headquarters at 1 Queen’s Road. This building is the bank’s fourth-generation headquarters, constructed to replace its 1935 predecessor and accommodate its expanding operations. Upon completion, it became the world’s most expensive building at the time (HK$5.2 billion), establishing itself as a groundbreaking, column-free architectural landmark.

Since 2020 Northcroft Hong Kong has been extensively engaged in the banking sector, delivering numerous projects for financial institutions such as DBS Bank and Bank of Communications. Our work encompasses not only the fitting-out of retail bank branches but also the development and refurbishment of their back-office facilities.

Forty years after the completion of the HSBC Headquarters project, Northcroft Hong Kong is pleased to be working with the HSBC Group this year again. Our commission involves providing Quantity Surveying services for Hang Seng Bank, the Group’s key subsidiary, across a portfolio of branch and office engagements.

The sustained and active presence of a vast number of authorized institutions, coupled with recent expansions by foreign banks, underscores an enduring international confidence in the city’s fundamental strengths and strategic role. For Northcroft Hong Kong, this landscape confirms our established reputation and presents a promising path for future growth. As Hong Kong’s banking and financial industry adapts and advances, Northcroft is well positioned in providing essential expertise to build the physical infrastructure that supports the region’s financial vitality.