British Banks?

Anthorn

dunstonh wrote: »

They havent said they are going to. Only that they are making contingency plans. Since the Prime Ministers speech, Michel Barnier and a number of German ministers have suggested that financial services may still continue from London. They have to plan for the worst but hope for the best.

"We will move in about two years time when Brexit becomes effective," HSBC's Gulliver told Reuters at the annual meeting of the World Economic Forum.

http://uk.reuters.com/article/us-davos-meeting-hsbc-idUKKBN1520SO

dunstonh wrote: »

yes they can as they are headquartered in the UK and that will remain the case. Handling EU transactions within the EU does not make it any less a British bank.

Ridiculous! A bank which is not based in Britain is not a British bank. At best we could say loosely that they might have been British but they are not supporting Britain. Even more of a good reason for British people to switch away from HSBC.

dunstonh wrote: »

The Hongkong and Shanghai Banking Corporation ceased to exist a couple of decades ago.

But HSBC retains that name in its title and is still referred to by that name not least in threads here at MSE. In any case it does still exist. Link: http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=26081567

dunstonh

Ridiculous! A bank which is not based in Britain is not a British bank. At best we could say loosely that they might have been British but they are not supporting Britain. Even more of a good reason for British people to switch away from HSBC.

So, how will HSBC not be based in Britain? Banks have operations throughout the world. They have transactions handled in certain regions already outside of London and it makes them no less British.

You do realise that ALL banks with EU trades will have to relocate part of their business to within the EU if passporting is not agreed?

http://uk.reuters.com/article/us-davos-meeting-hsbc-idUKKBN1520SO

Still only a contingency plan. If you read his full comments (not covered in that article) you will see that there is plenty of use of "may have to". They are planning on the assumption that passporting rights will end. Some media articles have written it as a fact they WILL move. Others have written it as MAY move. If passporting rights are retained then there is no reason to do this. They must plan on the assumption they will not be but they do not have to pull that trigger. That is why they are waiting and not doing it now.

But HSBC retains that name in its title and is still referred to by that name not least in threads here at MSE. In any case it does still exist. Link: http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=26081567

Yes, i worded it badly but that Hongkong and Shanghai Banking Corporation is not the HSBC you see here in the UK on the high street.

antrobus

Anthorn wrote: »

...Ridiculous! A bank which is not based in Britain is not a British bank. At best we could say loosely that they might have been British but they are not supporting Britain. Even more of a good reason for British people to switch away from HSBC.

But HSBC Bank Plc is based in Britain, and has been since 1880. It's the name by which the Midland Bank has been known since 1999. It is a subsidiary of HSBC holdings Plc.


http://www.bankofengland.co.uk/pra/Pages/authorisations/banksbuildingsocietieslist.aspx

le_loup

Anthorn wrote: »

Ridiculous! A bank which is not based in Britain is not a British bank.

So who told you they were moving their headquarters out of the UK?
Not the DM by chance? If it was, they are wrong as are you.

Anthorn

le_loup wrote: »

So who told you they were moving their headquarters out of the UK?
Not the DM by chance? If it was, they are wrong as are you.

Read back! I think it's Reuters quoting HSBC.

System

dunstonh wrote: »

As it happens, the EU seems to be softening to allowing passporting rights to continue as part of the negotiations. Probably as the EU not having access to London could be highly damaging. So, these things are just contingency plans at the moment pending the negotiations.

You need to be a less Daily Express in your views and try and understand things more.

The EU will not give England passporting rights, as it would need to give them to Switzerland who are partially part of the single market.

Outside Little England, the world doesn't orbit London.

dunstonh

The EU will not give England passporting rights, as it would need to give them to Switzerland who are partially part of the single market.

The EU does not suffer by not giving Switzerland passporting rights. It does not need to match any deal the UK gets. London handles the bulk of the financing in the EU. Any move away from London will increase the costs of financing and create potential liquidity issues and stability issues. It is too early to call any outcome. At this point in time, both extremes are possible.

Outside Little England, the world doesn't orbit London.

Not true in the case of finance.

Read back! I think it's Reuters quoting HSBC.

You must be reading something different as there is nothing in the article that matches what you are saying.

colsten

dunstonh wrote: »

An Indian one.

As this is your answer to which British car you'd buy, I can only conclude you are expecting that we are annexing India in the near future :rotfl:

Anthorn

dunstonh wrote: »

You must be reading something different as there is nothing in the article that matches what you are saying.

Probably the other way around ROFL:

"We will move in about two years time when Brexit becomes effective," HSBC's Gulliver told Reuters at the annual meeting of the World Economic Forum.

Here's the link again:
http://uk.reuters.com/article/us-davos-meeting-hsbc-idUKKBN1520SO

Stuart Gulliver is Group Chief Executive of HSBC Holdings plc

Nick_C

HSBC is not planning to relocate away from the UK.

They considered moving the holding company to the Far East last year, and after a review made a decision to stay in the UK.

The UK subsidiary is being relocated to Birmingham.

EU business - about 1000 jobs - will probably move to Paris.

Watch Gulliver's interview with Bloomberg. He made it all very clear.

Being headquartered in London and paying Corporation Tax to the UK, and employing roughly 40,000 people in the UK, I would say HSBC is a company to support.