British banking giant, HSBC, is considering relocating its headquarters out of the UK, and one Caribbean state is now vying for the spot. According to UK news organizations, the Jamaican government has contacted HSBC to established itself as a candidate.
It’s been one year since the corporate and retail bank closed its doors to the public in Cayman after opening its doors in 2008. The decision whether to leave London after more than two decades will be made by the bank at the end of the year, officials stated. HSBC announced a review of whether it should move its HQ away from the UK at its shareholder meeting in April, citing regulatory and structural reforms.
According to reports, the approach from Jamaica was revealed by Stuart Gulliver, HSBC’s chief executive, during a town hall meeting with senior bank staff last week.
However, Jamaica is not alone in the race and a number of other governments have also reached out to HSBC, in hopes of becoming home to one of the world’s largest banks.
Hong Kong, the previous venue for the HQ before it relocated to London in the early 1900’s, is seen as the leading contender if the bank decides to relocate, according to statement given by HSBC’s chief executive.
In June bank officials announced cuts to its global workforce of up to 25,000 plus jobs by the end of 2017, as it exits operations in Brazil and Turkey.
HSBC Bank (Cayman) Limited retreated from the islands’ banking business in July 2014, allegedly after certain goals for the bank were not met. Butterfield Bank (Cayman) Limited bought parts of HSBC’s corporate and retail banking operations, and absorbed the bank’s $US 1.4 billion assets.