HSBC to study whether HQ stays in UK
Print Edition
GLOBAL bank HSBC yesterday said it will review whether to remain headquartered in the UK as the country tightens regulation of the sector.
In a surprise announcement less than two weeks before the UK’s general election, the Asia-focused bank again voiced its concern about government policy to ring fence British banks’ retail operations to protect them from their investment divisions.
The board has “asked management to commence work to look at where the best place is for HSBC to be headquartered” amid “regulatory and structural reforms,” said HSBC Chairman Douglas Flint in a statement issued ahead of the bank’s annual general meeting in London.
“The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is underway,” Flint said.
HSBC, founded in Hong Kong and Shanghai in 1865, employs 48,000 across Britain with many of those based at its London headquarters.
“As part of the broader strategic review taking place, the Board has therefore now asked management to commence work to look at where the best place is for HSBC to be headquartered in this new environment,” said Flint’s speech.
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