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Hong Kong, Shanghai Looking Pretty Good To Former Hongkong And Shanghai Banking Corp.

HSBC may be packing its bags.
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There's no place like home.

What does not look good to HSBC—or to Standard Chartered, whose only British business involves money-laundering for rogue states and having English speakers to negotiate with American regulators about said money-laundering—is the U.K.’s new bank tax.

HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful….

HSBC says it has two "home" markets, Britain and Hong Kong. It moved from Hong Kong to London in 1993 when it bought Midland Bank and its most likely move would be back to its former home, one of the few places that could handle its $2.6 trillion balance sheet….

London has been home to Standard Chartered since it was formed in 1969 and its most likely new home would be Singapore, from where most of its businesses are already run.

Britain’s bank tax jump threatens to push HSBC, StanChart to new home [Reuters]


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