MercoPress. South Atlantic News Agency

Hong Kong “equally important” to London, says HSBC CEO

Michael Geoghegen is moving to Asia

The chief executive of HSBC, Michael Geoghegen, will move to Hong Kong from London as the banking group seeks to focus on Asia.

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 list 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.