HSBC staying put

29th Sep 2010 17:55

HSBC's outgoing chairman Stephen Green announced today that the bank has no immediate plans to relocate its headquarters to Hong Kong.In the board meeting in Shanghai, Green announced that although it won't leave its headquarters in London, it will remain committed to developing their business in China. In February of this year, the group transferred its current chief executive Michael Geoghegan - along with his team - to Hong Kong, stoking speculation about the possibility of its headquarter move.Last week saw the appointment of a new chairman, finance director and chief executive after reports of disputes over the latest roles.Stuart Gulliver, head of the investment division, is due to become chief executive following Geoghegan's decision to step down by the year-end, and Douglas Flint is to become chairman after Green joins the coalition as the UK's trade minister.