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Loan Protection: HSBC Threatens To Leave UK
Loan Protection: HSBC Threatens To Leave UK
HSBC has threatened to pull out of London if the Liberal Democrats have their way of separating the retail banking from high risk investment banking. The banking giant is seriously concerned about this decision.
London,
London,
United Kingdom
(pr4links.com)
06/09/2010
" The Liberal Democrats want retail banking to be separated from investment banking which is not to the liking of HSBC ” said financial analyst Charles Baker who has decades of experience in the financial industry. "
FOR IMMEDIATE RELEASE
London, UK, 3rd September, 2010: HSBC could leave its London headquarters if the coalition government pushes through plans to split up big banks, according to a senior official.
The Liberal Democrats proposed that traditional retail banking should be separated from riskier investment divisions during their election campaign.
Moreover, the government's Independent Commission on Banking could consider breaking up major firms in order to increase competition
Stuart Gulliver, head of investment banking at HSBC, revealed he was "genuinely concerned" that the body would recommend splitting up high street banks.
"That has significant implications clearly for where we may choose to headquarter our institution and that would probably also be the case for the other two institutions.
"Our absolute wish is to stay here in the UK, but we won't know until we see how the Commission responds."
HSBC moved from Hong Kong to its Canary Wharf office in 1991.
“The conservative approach to banking might lead HSBC to leave its London headquarters. The Liberal Democrats want retail banking to be separated from investment banking which is not to the liking of HSBC ” said financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.
“HSBC moving out of London might signal a huge disaster for the banking system in the United Kingdom which is already facing the heat due to the economic slowdown. Financial analysts with expertise in Financial Service Authority feel this might not be in the interest of the banks.”
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