HSBC relocates CEO's office to Hong Kong
25 Sep 2009
To strengthen its dfominance in the region, HSBC today announced that it will relocate the principal office of the group chief executive to Hong Kong, in line with its focus on emerging markets.
HSBC Holdings plc, the group holding company, will continue to be domiciled in the UK and has no plans to move for tax purposes. Group chairman Stephen Green and two executive directors will continue to be based in London.
"The additional management presence in Hong Kong and focus on our faster-growing markets is absolutely right for HSBC and entirely consistent with the strategy we set out in 2006," said Green.
Tthe banking group said in a statement, "The move further positions the Group for the shift in the world's centre of economic gravity from West to East, while HSBC's continued strong presence in major developed markets reflects the increasingly interconnected nature of the global economy and the profile of the Group's customers."
The Group was founded in Hong Kong and Shanghai in 1865 and remains the largest international bank in the region.
Operating from Hong Kong, the hub for HSBC's Asia-Pacific business, the group chief executive, Michael Geoghegan, will be located in the group's strategically most important region, to strengthen its position in the region.
Geoghegan will also assume responsibility for developing group strategy in agreement with the Group Chairman and for recommendation to the Board. As chair of HSBC's executive management team, the Group Management Board, he will continue to drive company performance within Board agreed strategic goals and commercial objectives.
HSBC Holdings plc, the group holding company, will continue to be domiciled in the UK and has no plans to move for tax purposes. Group chairman Stephen Greenand two executive directors, Douglas Flint and Stuart Gulliver, will continue to be based in London.
