Connect with us


London will remain as HSBC headquarter, Hong Kong loses race due to unreliability

Akshay Tarfe



HSBC Tower, Canary Wharf, London

HSBC finally decided to keep its headquarter as it is at London.                  The company was deciding to move it to another financial centers such as Hong Kong. The experts said that the decision is more likely to keep the status quo as it is. Hong Kong was HSBC’s former headquarter but the uncertainty there made group to rule in the London’s favor.  The group said that the Britain has become bit more bank friendly.

The group had many other locations in mind. HSBC is largest bank in the Europe as per the market value. The idea of relocating headquarters came up during the 10-month review. Cities such as Toronto and Paris were also in the list. Future growth, stability and competitiveness were the important factors along with 11 other criteria in the list. HSBC’s current based is less beneficial to the company. Canada, Singapore and Hong Kong were termed as more beneficial by the experts.

151 years ago, HSBC was founded in Hong Kong and Shanghai but its return to China is more unlikely to happen. HSBC’s board went through 1000-page long document along with advice of several lawyers and experts. It finally ruled that cost of moving the headquarters are more than the benefits bank will get. The report suggest that the bank spent 30 million euros in this process.

The main issue with the HSBC was the balance sheet levy which was very expensive for the bank based in London. Another giant Standard Chartered was facing same issue. George Osborne, British Chancellor has assured that the levy would be waved off. Policymakers in London have made sure that the city remains a leading financial center.

Chinese slowdown and unreliable financial policy regime has made Hong Kong lose the race for being the next headquarters of HSBC. London will remain as HSBC’s headquarter as Hong Kong is more likely to get absorbed in China by 2047.

Spread the love


Lenovo S5 color variant Lenovo S5 color variant
Tech News15 mins ago

Lenovo S5 unveiled offcial in China at Yuan (~$157)

Yesterday, Lenovo unveiled its new mid-range smartphone in the Chinese market, Lenovo S5. The company also announced the budget-friendly Lenovo SK5 and...

The Walking Dead Season 8 Episode 12 The Walking Dead Season 8 Episode 12
The Walking Dead2 hours ago

The Walking Dead season 8 Episode 12: Here Is What We Know About Mysterious New Character Georgie

The Walking Dead Season 8 Episode 12 has introduced a new character, who is looking to shake things up in...

Hollywood3 hours ago

Angelina Jolie And Her Kids Watch Alicia Vikander’s Tomb Raider Reboot

Alicia Vikander is playing the lead character of Lara Croft in the Tomb Raider Reboot. The movie is also doing...

LG Zone 4 2 LG Zone 4 2
Tech News5 hours ago

LG Zone 4 entry level smartphone launched at $115 price

Last year, there was a rumor that suggested that the South Korean smartphone manufacturer company plans to drop the “Optimus” name...

BLU Vivo XL3 BLU Vivo XL3
Tech News7 hours ago

BLU Vivo XL3 launched in US via Amazon with Android Oreo and facial recognition

BLU, American smartphone manufacturer has launched the successor of the Vivo XL2 in the US (United States) via Amazon, BLU...

Cryptocurrency14 hours ago

Blockchain for Combating Forced Labor – Coca-Cola and the US State Dept

Coca-Cola, US government, ternary departments – Bitfury Group, Blockchain Trust Accelerator (BTA) and Emercoin are joining forces to combat forced...

Marlon Samuels Marlon Samuels
Cricket21 hours ago

World Cup 2019: Qualifiers: Marlon Samuels, Holder allow West Indies to overcome Taylor’s brilliance against Zimbabwe

A gutsy counter-attacking century by Brendon Taylor went in vain as West Indies successfully chased Zimbabwe’s target of 290 runs...



%d bloggers like this: