7th Feb 2016 08:43
LONDON (Alliance News) - HSBC Holdings PLC is close to a decision to keep its headquarters in the UK, The Sunday Times reported, citing senior sources.
A decision by directors to remain could be made this week, the newspaper said, or at a board meeting the weekend after next, before the release of annual results, due on Monday, February 22.
Such a vote would follow a series of concessions to the City by UK Chancellor of the Exchequer George Osborne, including on Britain?s levy on bank assets. Hong Kong has been seen as the most likely destination for HSBC, but the market turmoil in China has weighed against that idea, The Sunday Times said.
"My instinct is that they won?t leave," said Martin Gilbert, founder and chief executive of Aberdeen Asset Management and one of the bank?s largest investors, according to newspaper. "It would be quite a logistical manoeuvre to move the operations out of Britain."
http://www.thesundaytimes.co.uk/sto/business/Finance/article1665463.ece
By Tom Waite; [email protected]; @thomaslwaite
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