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HSBC launches review on viability of London HQ
Several investors said they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.
HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.
Several investors told Reuters they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.
Some are expected to quiz bosses on it at shareholder meetings, including at an investor gathering in Hong Kong on Monday.
"There is a very clear risk that HSBC and StanChart reach a pain threshold where they think it is no longer worth staying in the UK," said Richard Buxton, head of equities at Old Mutual Global Investors, which owns HSBC shares and who said the bank was reflecting on a move.
The tax has increased eight times since being introduced in 2010 to ensure banks make a "fair contribution" after the financial crisis. The latest rise was seen as a popular move ahead of Britain's May 7 election.
