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HSBC considering US for HQ

23oct20152HSBC is said to be seriously considering the US as the place to locate its headquarters. The bank wants to shift its base out of the UK concerned over excessive tax and regulation. Shareholders of the bank have welcomed the move. The bank has been considering Hong Kong as one of the alternatives as the bank was based there for more than 100 years. It continues to earn most of its profit in Asia. However, the bank is concerned about the control China would ultimately have on Hong Kong. The banks is said to be feeling that the US is one of the few countries with an economy big enough to be able to comfortably welcome a bank of its size. HSBC has $2.6 trillion of assets, making it almost as big as the entire British economy. Bankers also view US financial regulation as more accommodating of large universal banks.

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