After months of speculation that HSBC will leave Canary Wharf, insiders have said the global bank could be staying put.
Bosses were reportedly looking to move the bank’s headquarters out of the financial district as part of a long-running review of the company’s future, according to The Telegraph .
The review was launched last year and expected to be complete by the end of 2015, but now that has overrun the decision could be delivered within the next few days.
Locations including Hong Kong, Singapore, America, Frankfurt and Canada had been hinted at possible alternatives, as chief executive Stuart Gulliver and chairman Douglas Flint were worried about increasing taxation and regulation to banks in the EU and UK.
One particular measure that would hit HSBC was the introduction of the bank levy in 2010, a tax which is based on any UK-based banks’ global balance sheet, which effectively penalised banks that are domiciled in the UK, but have most of their operations overseas.
However in the Summer Budget Chancellor George Osborne promised to cut back this levy over the coming years.
“Rumours abound that Stuart Gulliver and Douglas Flint of HSBC will tell the market this week about the bank’s future domicile,” market commentator David Buik from Panmure Gordon told The Telegraph.
“It is thought that the board may have decided to remain in situ, now that the government has sorted the bank levy situation out to a more agreeable level.”
An HSBC spokesman said: “We will provide an update by our full year results”.