HSBC keeps London HQ in victory for UK over Asia
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.