HSBC shifts focus to Hong Kong
HSBC has committed to the pursuit of an emerging markets strategy by relocating the principal office of its chief executive to Hong Kong.
In a move the big banking group said was aimed at positioning ahead of a world shift from west to east, HSBC said its group chief executive, Michael Geoghegan, would in future be located in the group’s most strategically important region.
However, while Geoghegan would be located in Hong Kong, the HSBC Group holding company, HSBC Holdings plc, would remain domiciled in London with no plans to move, and would remain a resident in the United Kingdom for tax purposes.
It said the UK Financial Services Authority would also remain the lead regulator of the group.
HSBC said while the group chief executive would be moving to Hong Kong from February next year, it would also maintain an office and a regular presence in London.
AUTHOR
Mike Taylor
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