LONDON, April 24 (Reuters) - HSBC Holdings,Europe's biggest bank, said it has started a review of whetherto move its headquarters out of Britain following regulatory andstructural changes in the industry.
Shareholders have urged the bank to consider moving itsheadquarters to Asia, probably back to Hong Kong, due to a heftyUK bank tax and other costs associated with being based inLondon.
"The board has therefore now asked management to commencework to look at where the best place is for HSBC to beheadquartered in this new environment," said HSBC ChairmanDouglas Flint on Friday. "The question is a complex one andit is too soon to say how long this will take or what theconclusion will be; but the work is underway." (Reporting by Steve Slater, editing by Sinead Cruise)
HSBC Holdings (HSBA)