Tert.am

Head of HSBC Bank Moves to Asia
14:55 ¢ 26.09.09

HSBC Chief Executive, Michael Geoghegen, will move to Hong Kong from
London as the banking group seeks to focus on Asia, reported HSBC’s
official website.

However, the bank stressed that it was not "pulling away from London"
and the two centres were "equally important."

HSBC, founded in Hong Kong and Shanghai in 1865, will also remain
based in the UK for tax and regulation purposes.

HSBC is hoping to become one of the first overseas companies to be
listed on the Shanghai stock exchange.

"There is absolutely no question of HSBC pulling away from London. We
will operate from two equally strategically important centres for the
company," said chairman Stephen Green, who will remain in the UK.

HSBC has weathered the financial crisis better than some of its rivals
and did not take any taxpayer money as part of the UK banking sector
bail-out.