Hongkong House At 100: A Glimpse Into Calcutta’s Changing Legacy

The famous Hongkong House at BBD Bag in Kolkata has hit a huge mark—100 bright years! This stone wonder is more than just a structure; it’s a living memory of Kolkata’s rich past when the city was India’s money center. Through the years, it has seen the rise and fall of time, acting as quiet watcher to the change of both the city and its country.

Hongkong House 

To honor this unique time, HSBC India, that runs its oldest branch from Hongkong House, showed a cool "history wall". This wall displays a bunch of ͏pictures with brief notes that show key times in the bank’s path through Kolkata and India. The 100-year celebration have put the focus back on a time when Kolkata was the main heart of India’s money.

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The Birth Of An Icon 

 

The story of Hongkong House began in 1915 when its construction was initiated. It took eight years of meticulous effort to complete this grand structure, which finally opened its doors in 1924. Located south of Lal Dighi, this four-story building became the India headquarters of the Hongkong and Shanghai Banking Corporation (HSBC). For decades, it stood as a symbol of power, prestige, and prosperity, reflecting the economic prominence of Kolkata during the British era.  

Back then, BBD Bag—then known as Dalhousie Square—was a bustling financial hub. Imagine this: nine major banks, many of them international, operating side by side in one neighborhood. The air was abuzz with trade deals, financial exchanges, and the chatter of businessmen from around the globe.  

But as the years passed, Kolkata’s shine began to fade. In 1911, the British shifted their administrative capital from Kolkata to Delhi. This move set off a chain reaction that gradually eroded the city’s dominance. Over the years, many corporate houses followed suit, relocating their headquarters to Bombay (now Mumbai).  

Hongkong House, however, stood firm. It continued to operate as a beacon of stability in a city facing turbulent times. Today, it remains a cherished heritage site and a testament to Kolkata’s glorious past.  

Kolkata’s Financial Legacy

The rise of Kolkata as a financial powerhouse dates back to the colonial era. The city’s strategic location along the Hooghly River made it a hub for trade and commerce. European banks flocked to the city, drawn by its thriving economy and the opportunities presented by the East India Company’s lucrative ventures.  

Historian Suranjan Das explains how the infamous opium trade played a significant role in this growth. Bengal was a major producer of opium, which the British exported to China. The profits from this trade were then used to purchase Chinese goods like tea and silk, which were in high demand in Europe. This cycle of trade not only enriched the British but also fueled the growth of European banks in Kolkata during the late 18th and early 19th centuries.  

At its peak, Kolkata was home to some of the most prestigious financial institutions in the country. The Imperial Bank of India, formed in 1921 by merging the Presidency banks of Calcutta, Bombay, and Madras, operated from a building on Strand Road. This building was eventually demolished in the 1980s to make way for a modern structure, reflecting the changing times.  

By the time Hongkong House came into existence, the city’s financial dominance was already under threat. The administrative shift to Delhi in 1911 marked the beginning of Kolkata’s decline as the country’s economic center. The post-Independence era brought further challenges, including labor strikes, militant trade unionism, and a general culture of unrest, which drove many businesses to relocate to Mumbai.  

A Heritage To Be Proud Of 

Despite the changes around it, Hongkong House has retained its charm and significance. Its architectural style is a blend of Georgian and classical influences, a hallmark of British colonial buildings. Conservation architect Manish Chakraborti describes it as a sandstone structure with elements that reflect the grandeur of the British era.  

In 2009, the Kolkata Municipal Corporation recognized the importance of preserving this piece of history by listing it as a Grade-I heritage building. This designation highlights the building’s cultural and historical value, ensuring its protection for future generations.  

For HSBC, Hongkong House is more than just a branch; it’s a part of the bank’s identity. The BBD Bag branch is the oldest HSBC branch in India, predating the bank’s current headquarters in Mumbai by 25 years. It’s worth noting that this wasn’t HSBC’s first branch in Kolkata. The bank’s journey in the city began in 1867, with its first branch located somewhere to the east of Hongkong House. Unfortunately, the exact address has been lost to time, but the legacy lives on.  

Celebrating 100 Years In Style 

To celebrate the centenary of Hongkong House, HSBC India organized a unique event—a “Dalhousie Walk.” This guided tour took senior officials and select customers on a journey through the neighborhood’s rich history. Led by Iftekhar Ahasan, founder of Calcutta Walks, the tour brought the area’s heritage to life.  

Participants visited landmarks like the General Post Office (GPO), Writers’ Buildings, and Stephen House. Ahasan also shared fascinating anecdotes about Arathoon Stephen, an Armenian entrepreneur who built a business empire in Kolkata. His ventures included the iconic Grand Hotel, Stephen House, and Stephen Court, each a testament to Kolkata’s vibrant past.  

The walk wasn’t just about the buildings; it was about the stories they tell. For instance, right across from Hongkong House stands a statue of the Maharaja of Darbhanga, a reminder of the city’s royal connections. Such landmarks serve as a bridge between the past and the present, allowing us to appreciate the rich tapestry of history that makes Kolkata unique.  

Memories From The Past 

For many former HSBC employees, Hongkong House holds a special place in their hearts. Subhra Ray, who worked for the bank from 1982 to 2014, recalls a time when HSBC had nine branches in Kolkata. "I worked in eight of them," she says proudly, reflecting on the bank’s extensive presence in the city during the 1990s.  

While much has changed over the years, the essence of Hongkong House remains intact. It continues to serve customers with the same commitment and excellence that defined its early days.  

Why It Matters

Buildings like Hongkong House are more than just bricks and mortar; they are living, breathing chronicles of history. They remind us of a time when Kolkata was at the center of India’s financial and cultural universe.  

In a world that’s constantly changing, it’s important to preserve these landmarks and the stories they hold. They connect us to our roots and inspire us to carry forward the legacy of resilience and innovation that defines Kolkata.  

Looking Ahead

Hongkong House has now crossed the threshold of one hundred years and thus it has been a place of stability as well as changes. It’s a visualization that, in the hustle and bustle of everyday life, the city and its people stick to their values and do not deviate.

To tourists, the building is a wonderful place to visit, and history comes to life here. Be it discovering its beautiful architecture, getting information around its persuasive role in Kolkata’s finance development, or else, merely being impressed by the nostalgia, Hongkong House has something for everyone.

Next time you happen to be at BBD Bag, do allocate one more minute to glance at this famous landmark. Move a little to stay directly under its towering structure and through the power of your imagination go back to the time when Kolkata played an incredibly important role in India’s economy.

This is the symbol of Hongkong House a place where you can find the golden memories of the past, a token of the resilience of the human spirit, and the epitome of the beauty of the city, which never fades away over time.