HKMA’s response to the decision of the Board of HSBC Holdings plc to remain headquartered in the UK

In response to the decision of the Board of HSBC Holdings plc to remain headquartered in the UK, Mr Norman Chan, Chief Executive of the HKMA, has made the following comments, "The HKMA appreciates that for a large international bank such as HSBC, relocation of domicile is a very major and complicated undertaking.  We respect the decision of the Board of HSBC Holdings plc to maintain the status quo."

He also said, "I would like to stress that Hong Kong is the premier banking and financial hub in Asia, with all but one of the 30 Global Systemically Important Banks operating in Hong Kong. We note that The Hongkong and Shanghai Banking Corporation, which is headquartered in Hong Kong, has all along been the biggest source of profits for the HSBC Group, which will continue to use Hong Kong as the headquarters to grow and develop its business in the Asia Pacific region, including the major business investment plans in the Pearl River Delta."

The Hong Kong Monetary Authority
15 February 2016