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HSBC to consider ditching UK headquarters

HSBC chairman Douglas Flint has promised shareholders the bank will re-evaluate the location of its headquarters.

Speaking at a shareholder meeting in Hong Kong ahead of the bank’s London annual general meeting on 5 May, Flint was asked by investors about the location of the bank.

According to reports, Flint said: “We are beginning to see the final shape of regulation, the final shape of structural reform and as soon as that mist lifts sufficiently, we will once again start to look at where the best place for HSBC is.”

The bank traditionally reviews its head office location every three years, but that was postponed in 2012 as the Financial Services Authority gave way to the Financial Conduct Authority and the Prudential Regulatory Authority.

A HSBC spokeswoman declined to comment.

Flint’s comments come after both he and HSBC chief executive Stuart Gulliver faced scrutiny over their control of the bank.

Following revelations that staff in HSBC’s Swiss private bank had aided customers in dodging tax, the duo were hauled before MPs, where they blamed local management for the failures.

Last week, reports suggested that HSBC was preparing for an exit for Flint, who has served as chairman since 2010.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Be careful what you wish for. If we keep beating the banks up and increasing taxes upon them for political reasons ultimately the best of them will take their legal entities (and their considerable tax revenues) to friendlier climates elsewhere. HSBC is by no means a British based bank on profits, income or assets. It chooses to domicile itself here for pragmatic reasons. Those are being eroded daily.

  2. The great and the good in Westminster perhaps need to reacquaint themselves with the Aesop’s fable of the Goose that laid the golden egg.

    Last one out – switch off the light.

  3. I echo your sentiments Paul !

    Maybe it needs this to happen before government and regulator starts to get some perspective ?

    As for HSBC I don’t blame them,

  4. If I were boss of HSBC listening to Miliband and the SNP, I’d be out of the UK yesterday.

  5. One can only imagine had the referendum been ‘won’ by the Yes campaign that this would all be down to SNP Armageddon. UK banking regulation openly soft for decades and the chickens are coming home to roost. Let them go I say.

  6. It would be dreadful if after the election in May we had a government that looked after all its people and continued to protect them from narrow avarice.

  7. HSBC formally commits to Birmingham – according to BBC West Midlands.

    Banking giant HSBC has formally committed to create its purpose-built headquarters in Birmingham city centre. The land earmarked for development is for its new “ring fenced” retail division, which it hopes will bring 1,000 jobs to Birmingham . All banks are now required to have them as part of measures taken in the wake of the recent bailouts and financial scandals.

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