HSBC keeps HQ in London

Main contributor: Hong Kong, where HSBC was founded about 150 years ago, is considered the strongest candidate for a possible move from London given it accounts for nearly 50 of HSBC’s pre-tax profit. — AFP

LONDON: HSBC Holdings has decided to keep its headquarters in Britain, rejecting the option of shifting its centre of gravity back to its main profit-generating centre Hong Kong after a 10 month review.

The unanimous decision by HSBC’s board gives a boost to London’s status as a global financial centre, which since the financial crisis of 2008-09 has faced challenges from tougher regulation and rising costs.