(23 April 2015 – Asia) Some of the world’s biggest banks may look to Asia when they consider moving their headquarters from Britain following increased levies on bank balance sheets by the British government.
HSBC is currently reviewing whether to move its headquarters, chairman Douglas Flint told a shareholder meeting in Hong Kong on 20 April.
HSBC is Europe’s largest bank but its balance sheets have been hit eight times this year with levy increases.
The bank has been hit the hardest by the tax, and paid £750 million (A$1.4 billion) last year.
Standard Chartered is another bank rumoured to be looking at moving its headquarters possibly to Asia, where – similar to HSBC it earns most of its profits.
Neither bank has committed to leaving Britain yet as they wait to see the final outcome of structural reform.