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Strategies & Market Trends : Greater China Stocks
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From: Julius Wong9/14/2011 8:00:35 AM
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Tsang Says HSBC, U.K. Banks ‘Absolutely Welcome’ to Relocate to Hong Kong
By Liam Vaughan - Sep 13, 2011

Hong Kong would “absolutely”welcome London-based banks HSBC Holdings Plc (HSBA) and Standard Chartered Plc (STAN) if they decided to move headquarters to the former British territory, according to Chief Executive Donald Tsang.

“If HSBC or Standard Chartered were to change headquarters it would not undermine their business at all,” Tsang said in an interview yesterday. Tsang added he didn’t “want to encourage a move that would impair relations” with trading partners including London and New York.

The shift would mark a victory for Hong Kong, 14 years after the city’s return to Chinese sovereignty stoked concerns that its status as an international financial center would decline. China last month unveiled a package of measures to bolster Hong Kong’s role as a financial hub, while Europe’s debt crisis and the prospect of tougher regulations have increased pressure on banks from investors to weigh a move.

HSBC and its rivals “would seriously reconsider relocating when their shareholder interest and profitability is at risk because of new regulations,” Dominic Chan, an analyst at BNP Paribas SA in Hong Kong, said by telephone. Still, “unless something major happens, London will remain a major financial center for them to keep operating from,” he said.

bloomberg.com
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