HSBC is to keep its headquarters in the UK after a unanimous decision by the banking group’s board members.
The decision was taken to remain in London after a review which took into account several jurisdictions before focusing on the UK and Hong Kong.
Despite the bank’s strategic focus on Asia, London was seen to be “ideally positioned” to be the group’s’ headquarters location.
Board members cited factors including the city’s status as a leading financial centre and the availability of highly skilled labour as having played a part in the decision.
Douglas Flint, HSBC Group chairman, 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.”
HSBC also announced that it would be discontinuing its practice of reviewing the location of its headquarters every three years, instead only revisiting the matter “if there is a material change in circumstances”.