The London-based practice will revamp the Grade I-listed building, reworking the former bank into a six-star, 184-bedroom hotel.
It is understood that the scheme is being backed by tycoon Vladimir Chernukhin, the former deputy finance minister of Russia.
EPR’s proposals include extending the Lutyens building by 7,000m2 to accommodate the 35,000m2 development.
Lutyens designed and built the Midland HQ between 1925 and 1939, and it was occupied by Midland – now known as HSBC – until 2007.
It is described by Pevsner as having a ‘loving attention to detail everywhere apparent’ with an interior that is ‘immensely impressive’.