LONDON (March 07, 2011): Europe's biggest bank HSBC may move its headquarters from London to
Hong Kong because of what it sees as high levels of tax and red tape in the UK, according to a report in the
Sunday Telegraph. The newspaper quoted unnamed investors who said they understood a move was "more
than likely" and that there had been a "change of tone" as HSBC reviews its domicile, something the bank
does every three years.
A spokesman for the bank played down the story, saying: "No decision whatsoever has been made. "London
is ideally positioned as an international financial centre and we have been clear that it is our preference to
remain headquartered here.
