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HSBC shareholder backs head office move from UK

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One of HSBC’s bigger shareholders has said it would support a move of the bank’s headquarters away from the UK.

Standard Life Investments, which owns 1 per cent of HSBC, told BBC Radio 4’s Today programme the bank was being put at a “competitive disadvantage” by “ever-increasing capital requirements”.

SLI head of equities David Cumming said moving HSBC’s headquarters out of the City would mean “better growth, earnings and dividend prospects unless the regulator changes tack”.

He added: “Logically, we would be supportive of a move if they chose to do that.”

In April HSBC chairman Douglas Flint said it was reviewing whether the UK was the best location for its head office. The bank has said it will decide on its base by the end of the year.

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