British Banks?

bigadaj

Nick_C wrote: »

Paris is not an odd choice at all. HSBC bought CCF (Cr!dit Commercial de France) in 2000, and renamed it HSBC France in 2005. This wholly owned subsidiary gives them a French Banking License, and will allow them to move their EU functions there if we don't get passporting rights.

Other UK Banks will be scrambling around for European Banking Licenses and may also have to lose jobs. HSBC is simply ahead of the game.

HSBC is an international company but is based in London and it's shares are traded on the LSE. They did consider relocating to the Far East, but decided last year to remain in the UK. They employ a lot of people here and pay Corporation Tax in the UK.

OP; I'm all in favour of buying British and boycotting EU goods if the EU play dirty with us, but HSBC is good for Britain. You are picking on the wrong target.

Edit: And why does MSE's bloody silly profanity filter stop me using e acute? (Rhetorical question.)

I'm trying to be objective, and whilst the OP is a bit of a stupid point then trying to make sense of a reasonable business decision is a bit more sensible than making bremainer or brexiteer scoring points.

Paris is a backwater in international banking terms, the global a financial centre index puts it at 29th in the world, just ahead of Casablanca and behind the Cayman Islands. Combine this with a French culture that isn't financial services and banking friendly (which I can't knock them for), and high tax rates and that's why it's an odd choice.

Most large banking groups will have operations in several EU countries, and whilst you could choose worse locations, then better options would certainly be available for an EU centre. Frankfurt or Munich certainly, Amsterdam which is slightly smaller than Paris but culturally better matched to the WASP ish view of much of world banking, or even Scandinavia.

I don't agree with the OPs view or approach in this but HSBC response does look slightly strange. Could it be that Paris is so convenient on Eurostar as well as flights? Won't save the bankers tax bill though.

antrobus

bigadaj wrote: »

...I don't agree with the OPs view or approach in this but HSBC response does look slightly strange. Could it be that Paris is so convenient on Eurostar as well as flights? Won't save the bankers tax bill though.

As the chairman of HSBC explained it;

"We are in perhaps a better position than many, having a full service bank already in France, and therefore we have an operation within the European Union that we can service EU business from that is currently done in London. That would require us to move activities, that are CRD4 activities that we would lose passporting rights on, to France, or indeed to Ireland or Holland or any other place within Europe that we have operations. Much of it would go to Paris because that’s where we’ve got the largest banking operation."

HSBC is in exactly the same position as every other bank in the UK, British or otherwise. There are some business activities that have to be conducted by a bank covered by European financial regulation. If the UK exits the EU on terms that mean that UK banks lose their 'passporting rights', then those business activities will have to move to another EU regulated bank.

HSBC already has one in France. So the business would probably go there. Other UK banks may well make different plans. Or perhaps none of these plans will be implemented, because some deal will be done. Who knows? But it is best to be prepared.

bigadaj

Yes it's prudent to have options and alternatives, will be interesting to see how easy it will be to actually move that personnel.

I suppose that they will employ many French or Europeans in London currently, but as an employee it will no doubt be disruptive for many.

jamie_02

FarmerGilesUK wrote: »

Hi all

And by that I mean wholly British not just based in the UK.

I'm furious at my bank HSBC for saying they are going to relocate 1000 staff to Paris, so I'm looking for a 100% British bank to more to.

Thinking about Nationwide. ... Are there any others that are 100% British owned?

Regards

Furious that an international UK-based bank, with 266,000+ staff, the majority of whom work overseas already, is to relocate 1,000 more to France, but (presumably) not furious about HSBC laundering money for drug traffickers and rogue nations?

Thrugelmir

FarmerGilesUK wrote: »

I'm furious at my bank HSBC

Clue is in their name. Historic but very relevant.

The Hongkong and Shanghai Banking Corporation

Didn't have a UK retail banking operation until it acquired the Midland Bank in 1987.

jamie_02

However, the question was about which financial services are UK-focussed. If you rule out pretty much every high street bank, except perhaps RBS who have said they are refocusing on the UK market, and acknowledge Co-op Bank has lost its ethical status due to its ownership by investors, then I guess you're looking at Nationwide as a mutual.

jamie_02

Perhaps the OP could give examples of other British businesses they use

("and by that I mean wholly British not just based in the UK")

Nick_C

jamie_02 wrote: »

However, the question was about which financial services are UK-focussed. If you rule out pretty much every high street bank, except perhaps RBS who have said they are refocusing on the UK market, and acknowledge Co-op Bank has lost its ethical status due to its ownership by investors, then I guess you're looking at Nationwide as a mutual.

I think Yorkshire BS is generally better than Nationwide.

Aren't Lloyds, Virgin Money, and TSB all British banks?

Nick_C

jamie_02 wrote: »

Perhaps the OP could give examples of other British businesses they use

There are loads of British businesses.

Sainsbury's, Morrison's, John Lewis, Debenhams (British but with overseas franchises and subsidiaries) for example.

Many British Businesses also operate overseas. Centrica for example. I don't think earning money overseas makes them any less British.

You could probably still exclusively deal with British companies if you wanted to.

Nick_C

IanManc wrote: »

TSB is owned by Sabadell, Spain's fifth largest bank.

Thanks! Wasn't aware of that!