{"id":3113,"date":"2016-02-15T10:00:00","date_gmt":"2016-02-15T04:30:00","guid":{"rendered":"https:\/\/bricplusnews.com\/?p=3113"},"modified":"2022-05-31T15:33:54","modified_gmt":"2022-05-31T10:03:54","slug":"10426","status":"publish","type":"post","link":"https:\/\/bricplusnews.com\/business\/10426\/","title":{"rendered":"London is best \u2013 HSBC to stay put"},"content":{"rendered":"<div class=\"post-content description \" itemprop=\"articleBody\">\n<p style=\"text-align: justify;\">After 10 months of prevarication, which had the City of London and the British government fretting, Europe\u2019s biggest bank \u2013 HSBC Group \u2013 has finally decided to keep its headquarters in London instead of \u00a0moving them to Hong Kong, or anywhere else.<\/p>\n<p style=\"text-align: justify;\">HSBC\u2019s decision, believed to be unanimous, gives a timely morale boost to the battered and scandal-plagued London banking sector and will help keep Britain\u2019s capital as one of the Top 3 global financial centres along with New York and Tokyo. This move proves that international organisations of this colossal size need not be too worried about the outcome of the UK\u2019s forthcoming EU Referendum.<\/p>\n<p style=\"text-align: justify;\">As BRIC Plus News predicted in our story on the political consequences of <a href=\"http:\/\/www.bricplusnews.com\/affairs\/latest-north-korea-rocket-launch-heats-far-east-tension\/\">North Korea\u2019s rocket launch <\/a>in East Asia a fortnight ago: \u201cEurope\u2019s largest bank has been largely thinking of moving to Asia, where it earns 80% of its profits, pushed by Britain\u2019s levy on bank assets and uncertainties over Brexit. However, maybe they have found bigger uncertainties to avoid and will stay in London.\u201d<\/p>\n<p style=\"text-align: justify;\">HSBC chief executive Stuart Gulliver said of his bank\u2019s staying put: \u201cLondon is one of the world\u2019s leading international financial centres and home to a large pool of highly skilled, international talent, and it remains therefore ideally positioned to be the home base for a global financial institution such as HSBC.\u201d<\/p>\n<p style=\"text-align: justify;\"><span id=\"articleText\">Since the international group threatened to pull out of London and go to Asia, the UK\u2019s Chancellor of the Exchequer George Osborne has announced some bank-friendly tax relief, such as halving the levy on bank assets and no longer applying it to the overseas property of British banks.<\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"articleText\">Analysts estimated HSBC\u2019s move out of London to Hong Kong would cost between <\/span><span id=\"articleText\">$1.5bn (<\/span><span id=\"articleText\">\u00a31bn) and $2.5bn (\u00a3<\/span><span id=\"articleText\">1.7bn), a pric<\/span><span id=\"articleText\">e that might not be worth it anymore after these changes. However, the British Government has denied giving any sweetheart deals as a desperate response to HSBC\u2019s threat of leaving the country, but it has agreed that they were part of efforts to help to keep Britain an attractive place for banks.<\/span><\/p>\n<p style=\"text-align: justify;\">HSBC\u2019s announcement has come in a particularly sensitive week for the UK politically, due to the EU summit on Thursday to re-negotiate Britain\u2019s EU terms of membership. Whatever happens in Brussels, what is sure for now is that one of the world\u2019s banking giants stays in London.<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After 10 months of prevarication, which had the City of London and the British government fretting, Europe\u2019s biggest bank \u2013 HSBC Group \u2013 has finally decided to keep its headquarters in London instead of \u00a0moving them to Hong Kong, or anywhere else. HSBC\u2019s decision, believed to be unanimous, gives a timely morale boost to the<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>London is best \u2013 HSBC to stay put - BRIC Plus News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bricplusnews.com\/business\/10426\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"London is best \u2013 HSBC to stay put - BRIC Plus News\" \/>\n<meta property=\"og:description\" content=\"After 10 months of prevarication, which had the City of London and the British government fretting, Europe\u2019s biggest bank \u2013 HSBC Group \u2013 has finally decided to keep its headquarters in London instead of \u00a0moving them to Hong Kong, or anywhere else. 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