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HSBC has no immediate plans to move to Hong Kong

Posted by Sara | Opinion | Tuesday 12 October 2010 9:51 pm
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HSBC has no immediate plans to move to Hong KongThere are no plans to move headquarters of HSBC from London, according to top executives at HSBC Holdings Plc. during a recent regular board meeting.

Incoming Chief Executive Stuart Gulliver, in reference to speculation sparked by the bank’s decision to move senior management to Hong Kong said no decision has yet been reached to move the headquarters.

From in.news.yahoo.com:

The move by outgoing CEO Michael Geoghegan and his team to Hong Kong was a smooth transition, reflecting the bank’s rising focus on Asia and fuelling a belief the bank would one day shift its home base back to Greater China.

But when Chairman Stephen Green made his surprise announcement this month that he would leave the company earlier than expected, his exit set off a scramble among top executives.

The normally staid bank seized headlines last week as it appointed a new chairman, chief executive and finance director after reports of internal bickering over the new roles.

Geoghegan and board director John Thorton were passed over for the chairman’s role. Geoghegan, who media reports said threatened to quit if he did not get the chairman job, has called HSBC’s new leadership team “awesome”.

“I have had 37 great years with the bank in 11 countries and four continents,” Geoghegan told about a dozen reporters who had camped out since early morning at HSBC’s headquarters in the heart of Shanghai’s financial district, seeking a chance to talk with board members before their meeting.

Comments on the recent management shake-up have been looked after by a group of Hong Kong and local reporters following the HSBC board members around Shanghai.

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