The site was originally occupied by the eastern part of the old City Hall, which had been built in 1869. The western part of the City Hall was demolished in 1933 to make way for the 3rd generation of the Hong Kong & Shanghai Bank Building, while the eastern part was demolished in 1947 to make way for the Bank of China Building.
The Bank of China Building was originally the headquarters of Bank of China in Hong Kong. When the headquarters moved into the new Bank of China Tower in 1991, this building was used by Sin Hua Bank as its headquarters. After the restructuring of China's banks to form Bank of China (Hong Kong) in 2001, the building was returned to the Bank of China again and is used as a sub-branch.