Standard Chartered could consider moving its HQ to Asia

9th Mar 2015 10:31

The board of Standard Chartered could consider moving its global headquarters in Asia, according to reports.Citing two bankers familiar with the situation, India's Economic Times claimed that the London-based bank, which generates most of its revenue from Asia, could also discuss plans to spin off its India business into a subsidiary."India is one of our key markets. Issues such as subsidiarisation have to be discussed on an on-going basis. I am in no position to comment on what the board would discuss at this point in time," Sunil Kaushal, who heads the bank's operations in South Asia was quoted as saying."Speculations on moving headquarters have been going on for years. This is reviewed on an on-going basis. Immediately there is nothing on the table as of now."However, Jon Tracey, the group's global head of external communication, said the bank had no plans to relocate its headquarters.The bank, which has been hampered by slow growth and rising cost of bad loans, has previously been subject of speculation suggesting that it might shift its headquarters to either Hong Kong or Singapore.Last month. Standard Chartered replaced its chief executive in a bid to revamp its businesses, after issuing three profit warnings in less than a year, which saw credit rating agency Standard & Poor's downgrade the bank's rating for the first time in November.Standard Chartered shares were 1.42% up to 1,038.52p at 10:31 on Monday.