As disgraced British bank HSBC considers moving its headquarters to Asia, many UK tax payers have welcomed the news. The banking giant, which previously assisted criminals in dodging tax, cited regulatory changes as a driving factor for its move.
HSBC is pondering selling off its UK retail unit in a lucrative £20bn deal, as it reviews whether it should remove its headquarters from the City of London to less stringently regulated pastures.
Last week, the bank cited Britain’s shifting regulatory climate along with increasing operational costs as leading push factors for the move. Destinations under consideration include the bank’s former home Hong Kong, a range of other Asian hot spots and New York.