Opened in 1951, the office building, situated at Downing Street within the city's Central Business District (CBD), houses the Penang branch of HSBC.

As banks began to establish offices around the northern end of Beach Street, HSBC acquired the site and commissioned a three-storey building with a domed tower.

[2][3] The building, standing at a height of 120 ft (37 m), was considered the tallest in George Town until the completion of the nearby railway station, and held the distinction of being the first in Penang to be equipped with electric lifts.

[3] Following the war, in 1948, HSBC made the decision to reconstruct the building while temporarily operating its Penang branch from the India House.

[3][4][5]The building was designed in Art Deco style, featuring elements commonly found in bank offices in Shanghai.