HSBC considers moving out of UK

HSBC considers moving out of UK

HSBC (the Hong Kong Shanghai Banking Corporation)  Holding PLC, finance and banking giant based in London is threatening to move its headquarter out of UK. The possibility of the United Kingdom leaving the European Union has resulted in this situation. The economic troubles for the bank will increase if this ever happens. Britain’s biggest bank went public with its plans to review the prospects of relocating the headquarter outside UK. Meanwhile politicians in United Kingdom are campaigning for the general elections and this move will definitely come as a shock to them. 

The ‘in out’ referendum on European Union membership is promised the UK’s Conservative party and HSBC considers leaving EU will result in economic uncertainty for its operations. Stock market gave positive response to the announcement with 4 percent jump in the share value. The bank’s annual shareholder meeting in London was the occasion for this surprising announcement. The bank is already one of the top companies registered on the London Stock market and this share rise further added £4 billion to its value. The bank was based in Hong Kong till 1992, where it was founded during the British occupation of the island.

 The board was criticized by the shareholders due to the leaks of sensitive data from its Switzerland branch. The details of tax avoidance strategies caused stir in political and financial sector worldwide. The shareholders also questioned the viability of London being good headquarter for the bank.  The moving of HSBC headquarters also makes its 70,000 employees in the UK vulnerable. 

 

Hot NewsGET THE HOTTEST

Kushner No Longer Number One Trump Advisor

Kushner No Longer Number One Trump Advisor

Jared Kushner has been a key figure in the Trump administration. His portfolio as the president’s advisor had him play a pivotal role in the administration’s foreign policy. Top among his successes include liaising with Mexico and brokering the Middle East peace deal. As an advisor,…

CONTINUE READING

N. Korea sending Syria material for chemical warfare.

N. Korea sending Syria material for chemical warfare.

In an alarming report from CNN, North Korea has been sending Syria “acid-resistant tiles, valves and thermometers” – all of which could be used for chemical weapons. This information was contained in a report by a United Nations panel of experts and relayed by an unnamed diplomat…

CONTINUE READING

Latest News FROM OUR DESK

Is Mariah Carey contemplating marriage again?

Is Mariah Carey contemplating marriage again?

Mariah Carey, 46, is very excited to be married to her current billionaire boyfriend James Packer, 48. This would be a third marriage for her. Her last husband was singer, actor, celebrity host Nick Cannon to whom she was married for six years and had two children. Mariah discussed her upcoming…

CONTINUE READING

Nicolas Cage and wife separate

Nicolas Cage and wife separate

Nicolas Cage and his wife, Alice Kim, ended their whirlwind romance after 11 years. Their story was one out of a fairytale novel. He met her at a restaurant where she was a waitress and hardly two months later, he put a ring on her finger. They were soon married at a ranch in Northern California in…

CONTINUE READING