Member Article

HSBC announces it will remain UK headquartered

The board of HSBC, one of the largest banking and financial services organisations in the world, have chosen to remain headquartered in the UK, following a review.

The group cited London as ideally positioned to be the home base for a global financial institution, ending rumours that the business would relocate to Asia.

In its investor update in June 2015, the Group announced a ‘Pivot to Asia’ as a core part of its strategy. Led from its heartland in Hong Kong, itself a top three global financial centre and where The Hongkong and Shanghai Banking Corporation Limited is headquartered, HSBC is putting particular emphasis on investing further in the Pearl River Delta and ASEAN region.

This reflects increasing shifts in global trade and capital flows to and from Asia, in respect of which Hong Kong will play a pivotal role.

However, whilst the group is focussing on a growing commitment to Asia, it believes it is best placed in London to ensure the best possible future growth.

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.”

He added: “We are very grateful for the hard work and insight of so many who helped in this complex exercise.”

HSBC Group Chief Executive, Stuart Gulliver, 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.”