Of Special Interest
25th May 2012
HSBC postpones move of HQ review indefinitely
In an interesting shift in opinion Stuart Gulliver, HSBC Chief Executive, told investors that the review of HQ location for the bank had been postponed indefinitely. Specifically he said, “Although we talked at one point about reviewing this, it has been postponed indefinitely. There are too many moving parts to make a rational, conscious decision.”
HSBC has been staging investor meetings in various locations and made this comment at the Hong Kong meeting this week. Gulliver has been a vocal critic of the plan to force UK headquartered banks to provide ring-fenced capital for retail banking operations and had previously suggested that this policy could effect the future location of the bank's HQ. The bank levy is another concern for the bank as it is applied as a percentage of certain bank assets regardless of where the assets are located. HSBC believe the levy should not be applied to non-UK assets, 80% of the bank's total.