HSBC has decided to relocate the group’s Chief Executive Michael Geoghegan’s principal office from London to Hong Kong. The relocation is a significant move for the bank, highlighting Hong Kong’s position as the focal point in Asia for global finance.
Hong Kong’s Chief Executive Donald Tsang welcomed HSBC’s decision, and described it as “a clear and timely ‘thumbs-up’ for Hong Kong as a stable, reliable and vibrant base for the banking industry in the wake of the global financial tsunami.” He said, “I am encouraged by HSBC’s commitment to Hong Kong and its confidence in our city as the best platform for tapping opportunities in emerging markets in Asia and, in particular, the Mainland.”
The relocation reflects the focus of HSBC towards emerging markets, and it also strengthens the unique and enduring bond between Hong Kong and HSBC.
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