HSBC Holdings plc has stated that its board of directors has concluded its review of the best location for the headquarters of the group, and has unanimously decided to remain headquartered in the UK.
The bank said that UK is an important and globally connected economy. It has an internationally respected regulatory framework and legal system, and immense experience in handling complex international affairs. London is one of the world’s leading international financial centres and home to a large pool of highly skilled, international talent. It remains therefore ideally positioned to be the home base for a global financial institution such as HSBC, it said.
In addition, the board has decided that it is not necessary to continue the previous practice of reviewing the location of the Group’s headquarters every three years, and will only revisit the matter if there is a material change in circumstances.
HSBC Group chairman, Douglas Flint, said: “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. We are very grateful for the hard work and insight of so many who helped in this complex exercise.”
Stuart Gulliver, HSBC Group chief executive, added: “Having our headquarters in the UK and our significant business in Asia Pacific delivers the best of both worlds to our stakeholders.
“The completion of this review closes out one of the 10 strategic actions we set out at our Investor Update last June. My colleagues and I remain totally focused on completing the other nine actions.”