Even by the very nature of its name, HSBC has always been the most Asian-facing of the multinational super banks, so why does it want to extend its stay in London? Having been headquartered in London since 1993, the world’s fifth-largest bank has towered above the capital from its 650 foot Canada Square skyscraper since 2002. From there it has overshadowed the antediluvian City of London as the premier symbol of UK financial services; craning shots of Canary Wharf a mainstay of post-2008 media coverage on Europe’s banking clout. In its most recent results for Q3 2015, Asia accounted for 62% of the bank’s pre-tax profits (compared to 32% from Europe), so the long-running drama of whether or not it should move its HQ to Hong Kong seemed sensible. Or did it?
[Source: Portfolio Adviser - Gary Shepherd - February 16, 2016]
