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HSBC would not review HQ issue again if Britain were to leave EU: CEO

Monday, February 22, 2016 - 21:04

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HSBC would not launch another review of where the bank's headquarters should be based if Britain were to leave the European Union, Chief Executive Stuart Gulliver said on Monday.

[LONDON] HSBC would not launch another review of where the bank's headquarters should be based if Britain were to leave the European Union, Chief Executive Stuart Gulliver said on Monday.

Last week the bank said following a 10-month review of the issue that it had decided to keep its headquarters in Britain, rejecting the option of shifting its centre of gravity back to its main profit-generating hub of Hong Kong.

A so-called 'Brexit' could result in around 1000 jobs in the lender's trading and investment banking division moving to the continent, likely Paris, Gulliver said.

Gulliver, speaking on a confercence call with reporters, said the best possible outcome of a referendum later this year on Britain's EU membership would be for the country to remain in the EU.

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Gulliver also said London would remain the dominant foreign exchange trading centre even it Britain were to vote to exit the EU.

HSBC earlier reported weaker than expected profits for 2015, dragged down by an unexpected US$858 million loss in the fourth quarter.

REUTERS

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