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Hong Kong Equipped to Host Corporate Headquarters, HSBC Says

Michelle Yun BusinessWeek 01/14/2012 00:44
Hong Kong Equipped to Host Corporate Headquarters, HSBC Says - Business - HSBC - Hong Kong

Hong Kong, where China’s biggest banks are listed, has the infrastructure, services and legal system to host global headquarters for companies, according to HSBC Holdings Plc Chairman Douglas Flint.

“It has all the necessary qualifications to be a relevant choice,” Flint said in a Dec. 19 interview with the Hong Kong Trade Development Council, without saying if HSBC would consider relocating its headquarters to the Chinese city from London.

HSBC, which got a third of its operating income from Hong Kong in 2010, faced calls from investors to consider moving its headquarters after Britain imposed a bank levy to raise 2.5 billion pounds ($3.8 billion) from lenders. Hong Kong would “absolutely” welcome the banks relocating to the former British territory, the city’s Chief Executive Donald Tsang said in September.

The U.K. government imposed new rules for banks published last September that include separating consumer and investment banking operations, which aims to shield customers from another financial crisis.