HSBC keeps Lon­don HQ in vic­tory for UK over Asia

The Pak Banker - - COMPANIES/BOSS -

HSBC Hold­ings Plc recom­mit­ted to life in Lon­don, end­ing an­other round of de­lib­er­a­tions over whether to move its head­quar­ters and bet­ting it can se­cure the eas­ier regulation and lower taxes it seeks with­out leav­ing the UK.

Europe's largest bank an­nounced it will con­tinue its 23-year stay in the UK cap­i­tal af­ter its board, led by chief ex­ec­u­tive of­fi­cer (CEO) Stu­art Gul­liver and chair­man Dou­glas Flint, con­vened there on Sun­day to com­plete 10 months of dis­cus­sions. The de­ci­sion was unan­i­mous, ac­cord­ing to a state­ment from the bank.

"As we eval­u­ated ju­ris­dic­tions against the spec­i­fied cri­te­ria, it be­came clear that the com­bi­na­tion of our strate­gic fo­cus on Asia and main­tain­ing our hub in one of the world's lead­ing in­ter­na­tional fi­nan­cial cen­tres, Lon­don, was not only com­pat­i­ble, but of­fered the best out­come for our cus­tomers and share­hold­ers," Flint said in the state­ment.

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