Hong Kong and Shanghai Banking Corporation is HSBC, but the bank obviously does not want to go back to where it belongs-- Hong Kong or Shanghai. The bank's headquarters have long been located in London, where it wishes to stay put for the present. Despite their profits going down, the HSBC management has stressed it is committed to keeping its domicile in Britain. The necessity for a review had arisen owing to the threat of new European bonus restrictions. The bank has a practice to review every 3 years where its headquarters would be located. Now, apparently it is happy with the London headquarters. The bank has “postponed indefinitely” a previous practice of reviewing where it is based every 3 years. There was speculation that owing to Euro crisis and recession hitting many countries of Europe, the bank might shift its headquarters to Hong Kong. The bank had revealed a 6 per cent drop in pre-tax profit of $20.6bn for 2012. Chief executive Stuart Gulliver said referring to the bonus restrictions: “[This] doesn’t put the idea of moving to Hong Kong back on the agenda at this stage.”
Hi! How can we help you?
Click below button to start chat