London, April 24 (IANS) HSBC bank has said it is considering moving its headquarters out of London, a media report said on Friday.
The bank said the review followed “regulatory and structural reforms” since the financial crisis, BBC reported.
According to sources, regulatory pressure, political attacks following revelations of errant behaviour and hefty new taxes have sparked the decision.
HSBC has also said that uncertainty over Britain’s future in the European Union (EU) is weighing on its future as well as new rules which oblige banks to split their retail and investment banking activities.
HSBC’s board has asked its management to “look at where the best place is for HSBC to be headquartered in this new environment”, the bank said in a statement.
“The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is under way.”
HSBC, along with other banks in Britain, will be required to separate its British retail business from the rest of the group by 2019.
The bank has had its headquarters in London since 1992 but makes most of its money overseas, with Asia accounting for about 80 percent of its profit.