Top firm CEO says HSBC likely to remain in London

HSBC Canary Wharf

HSBC is likely to stay based in London rather than move its headquarters to Asia, according to Martin Gilbert, chief executive officer of one of the bank’s biggest shareholders.

“The logistics of moving their headquarters out of London are so vast,” Gilbert, CEO of Aberdeen Asset Management, said in an interview with Bloomberg Television on Tuesday. “I suspect much as they might want to move their headquarters, they will probably on balance stay here.”

Bloomberg News reports that Gilbert said he had no knowledge of any choice being made by Europe’s largest lender, but Aberdeen would back HSBC’s board regardless of the decision. Aberdeen holds 2.3% of HSBC’s shares, making them the bank’s sixth-largest investor, according to data compiled by Bloomberg.

The bank, which generates most of its earnings in Asia, is weighing a move partly because of increasing taxes and some of the strictest banking regulations in the world. Among the criteria listed as part of its assessment are also economic growth and long-term stability.

To access the complete Bloomberg News article hit the link below:

HSBC Is Likely to Stay Based in London, Aberdeen’s CEO Says

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