HSBC has decided to keep its headquarters in London, the New York Times reports. The decision comes after a 10-month review that had the company considering moving its headquarters to Hong Kong.
More than half of the earnings the company makes come from Asia, which is why they announced a review back in April. There was also speculation over increasing taxes and regulatory requirements in the UK, making the move outside of the country more appealing.
The decision to remain in the UK was decided on by a unanimous vote, according to Reuters.
After the meeting, HSBC gave a statement.
"London is one of the world's leading international financial centers and home to a large pool of highly skilled, international talent. It remains therefore ideally positioned to be the home base for a global financial institution such as HSBC.
"As we evaluated jurisdictions against the specified criteria, it became clear that the combination of our strategic focus on Asia and maintaining our hub in one of the world's leading international financial centers, London, was not only compatible, but offered the best outcome for our customers and shareholders," the statement continued, according to Bloomberg.
Factors that led to the company's decision included slowing economic growth in China, as well as the Conservative Party's win in the London elections, which means more lenient tax rates.
