HSBC has 'no immediate plans to relocate headquarters to Hong Kong'

30 September 2010

HSBC has no plans as yet to move its headquarters from London to Hong Kong, the bank's incoming chief executive officer (CEO) has said.

Despite recent speculation that the financial services provider will relocate the hub of its operations from the UK to Asia, Stuart Gulliver has affirmed the bank’s commitment to London, Reuters reported.

Mr Gulliver, who was quoted by the news provider, said: "We haven't reached a decision on whether to move the headquarters or not. If we ever come to that decision, that's the point at which we will evaluate.”

HSBC was reported to be one of the largest financial institutions considering moving its offices following the introduction of new taxes on the banking industry by the UK’s government.

Previous chancellor of the exchequer Alistair Darling implemented a one off 50 per cent levy on all banker bonuses of more than £25,000 while a consultation is currently underway by the current coalition government on taxing bank balance sheets.

The comments from the incoming CEO also follow recent personnel changes among the board of HSBC.

Michael Geoghegan, the firm's present CEO who has worked with the bank for over 30 years, is due to leave before the end of 2010.

Earlier in the year, Stephen Green, chairman of the bank, also announced he would be leaving the financial institution to take on a new position as the UK’s trade minister.

By Jim Ottewill

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