Bloomberg News reports that more than 50% of customers who said they use HSBC as their primary bank would reconsider their relationship with the lender if it relocated to Hong Kong or another country outside the U.K., according to a survey by research firm East & Partners.
Only 2% of 248 of HSBC’s top corporate customers said the move would help them, compared with 60% who said it would benefit HSBC itself, the firm said.
“The potential leakage of U.K. corporates from the bank in the event of a Hong Kong relocation should be extremely concerning to HSBC, and of course, equally encouraging to the bank’s competition', said Paul Dowling, principal analyst at East & Partners Europe. 'Customer reaction could produce the biggest seismic shift in market share seen since the onset of the financial crisis'.
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