Standard Chartered CEO confirms firm will remain in UK

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Standard Chartered will keep its headquarters in the UK, new chief executive Bill Winters said, as he praised the bank tax changes in last month's emergency Budget.

The Daily Telegraph reports that the bank had been considering moving to Asia, where many of its operations are focused, because the bank levy taxes all UK-based banks' global balance sheets, hitting lenders with major overseas operations hard.

But the levy is now going to be cut back and replaced with a UK-focused corporation tax surcharge.

'We were happy with Budget, which took one of the big issues off the table', said Mr Winters. 'That was very helpful, in terms of immediate pressures' on the bank's decision as to where to base its headquarters, he said. Although the bank could still consider its domicile over the years to come, 'it is not a top priority for us right now'.

To access the complete Daily Telegraph article hit the link below:

Standard Chartered will stay in UK as new chief rules out move to Asia

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