HSBC considers relocating main offices

LONDON, April 24 (KUNA) -- The leading bank, HSBC, is considering moving its headquarters out of London after reviewing followed "regulatory and structural reforms" since start of the global financial crisis, the BCC said on Friday.
HSBC's board has asked its management to "look at where the best place is for HSBC to be headquartered in this new environment," the bank said. "The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is under way." "Clearly their investors are saying 'maybe you should just get out of London and have a fresh start'", said BBC business editor, Kamal Ahmed. The bank may decide to sell its retail bank, originally called Midland Bank, he added.
HSBC, along with the UK's other banks, will be required to separate its British retail business from the rest of the group by 2019. The bank has had its headquarters in the UK since 1992 but it makes most of its money overseas. Asia accounts for about 80% of its profit. (end) mrn.rk