Global Banks Show Faith in Hong Kong as Crédit Agricole Locks In a Decade-Long Lease

Crédit Agricole Corporate and Investment Bank, one of Europe’s largest financial institutions, has renewed its tenancy at Two Pacific Place in Hong Kong’s Admiralty district through 2034. The lease covers about 85,000 sq ft, maintaining the site as the bank’s Asia-Pacific headquarters. The renewal demonstrates a strategic vote of confidence in the city’s financial infrastructure at a time when several global firms have downsized their local presence.

Despite headwinds in Hong Kong’s commercial property market, including record-high vacancy rates in Central, major tenants such as Crédit Agricole are staying put in prime, well-managed developments. Market observers note that renewals by multinational banks, rather than relocations, are increasingly driving office activity as companies value building quality, ESG credentials, and transport access over marginal rent reductions.

For Swire Properties, which owns Pacific Place, the deal marks another major retention success within its HK$100 billion Hong Kong investment plan. The landlord has focused on upgrading building sustainability and tenant experience to retain multinational clients. Swire Properties’ CEO Tim Blackburn said the renewal reinforces Pacific Place’s reputation as a “world-class business address” and underscores enduring demand for Grade-A office space in the city’s core.

Crédit Agricole’s relationship with Hong Kong dates back more than a century, when its predecessor Banque de l’Indochine established operations here in 1906. The current renewal cements that legacy while positioning the group for Asia’s next growth phase, particularly in green finance and cross-border capital markets. In a post-pandemic landscape where some regional hubs compete for global headquarters, the bank’s long-term lease signals that Hong Kong remains a critical node in its international network.