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| HSBC CEO Relocates To Hong Kong |
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, September 29, 2009
HSBC Group, the international bank, is to relocate the principal office of
its Group Chief Executive from London to Hong Kong, in line with its stated
strategy to focus on emerging markets.
The bank stated that the move further positions it for the shift in the world's
centre of economic gravity from West to East. Located in and operating from
Hong Kong, the hub for HSBC's Asia-Pacific business, the Group Chief Executive,
Michael Geoghegan, will focus on ensuring its growth potential in the region
is fully realised, and will also assume responsibility for developing Group
strategy in agreement with the Group Chairman and as chair of HSBC's executive
management team, the Group Management Board.
However, it was confirmed that HSBC Holdings, the Group holding company, remains
domiciled in the UK and has no plans to move. It will continue to be resident
in the UK for tax purposes. The Group Chairman and two Executive Directors will
continue to be based in London. The UK Financial Services Authority remains
the lead regulator of the Group. The Group Chief Executive, who will move to
Hong Kong from February 1, 2010, will also maintain an office and a regular presence
in London.
"The additional management presence in Hong Kong and focus on our faster-growing
markets is absolutely right for HSBC and entirely consistent with the strategy
we set out in 2006," said Stephen Green, the group’s Chairman. "There
is absolutely no question of HSBC pulling away from London,” he continued.
“We will operate from two equally strategically important centres for
the company. Based in London, where we are domiciled and regulated, I will oversee
the stewardship of our business and our globally strategic relationships with
governments, regulators and with our owners. Based in Hong Kong, Mike will drive
the continued development of our business and oversee the executive management
team.”
The Chief Executive of the Hong Kong Special Administrative Region, Donald
Tsang, also welcomed HSBC's decision to relocate the group's Group Chief Executive’s
principal office from London to Hong Kong. He said the relocation is a significant
move for the bank, highlighting Hong Kong's position as the focal point in Asia
for global finance.
"HSBC's decision is a clear and timely 'thumbs-up' for Hong Kong as a
stable, reliable and vibrant base for the banking industry in the wake of the
global financial tsunami,” he said. "I am encouraged by HSBC's commitment
to Hong Kong and its confidence in our city as the best platform for tapping
opportunities in emerging markets in Asia and, in particular, the Mainland."
Hong Kong’s Financial Secretary, John Tsang, said the relocation reflected
the focus of HSBC towards emerging markets in this part of the world. It also
strengthened the unique and enduring bond between Hong Kong and HSBC. "Not
only does HSBC's decision represent a clear vote of confidence in Hong Kong
as an international financial centre, it also demonstrates the bank's long-term
commitment to our city,” he added. "The government will continue
with its efforts to further develop Hong Kong as an international financial
centre."
A comprehensive report in our Intelligence Report series,
analysing the situation on the ground in each of the main offshore banking centres,
is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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