HSBC threatens to leave London if the British government will decide to divide banks

HSBC  might move its headquarters from London if the British government will decide to divide the big banks.

Stuart Gulliver, head of investment bank said in a press conference he was “worried” that the banking supervisory committee will recommend the division of banks.

The decision “has clear implications on the choice of the institution’s premises,” he said. “I want to be clear as possible. We prefer to remain in Britain,”  said Gulliver.

The UK government set up the independent banking commission in June giving it the task of considering possible reforms for the banking system. It is also looking at other structural reforms, like breaking up high street banks to improve competition.

He also highlighted that no other country was looking at breaking up banks in response to the financial crises.

HSBC initially moved its headquarters from Hong Kong to London in 1991.

Short URL: http://newskf.com/?p=1275

Posted by E.Hillwig on Sep 4 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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