HSBC Considers Moving Headquarters
Oct. 6 (Bloomberg) — HSBC Holdings Plc, Europe’s biggest bank by market value, said moving its headquarters away from the U.K. would save the lender about 400 million pounds ($750 million) a year.
Taxation and regulations are HSBC’s main considerations in deciding where the company is domiciled and it reassesses these every three years, said HSBC spokesman Richard Lindsay by telephone today. The bank, which moved to London from Hong Kong in 1993, said the next review is due in 2008.
“The U.K. and London in particular have to bear in mind the burden they place on industry,'’ said Lindsay. “These days it’s possible to move headquarters without disrupting core operations.'’ A decision to move the head office outside Britain in 2008 isn’t expected, he said.
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