An HSBC return to its founding home in 1865 has not been discussed and, based on current plans, will not be discussed.
HSBC’s recent decision to comply with the Bank of England’s call to scrap dividends sparked speculation about revisiting the bank’s roots from 155 years ago. With over 80 percent of profits from Asia and one-third of shares held by Hong Kongers – many of whom traditionally depend on such dividends for income and daily spending – the question about a headquarter return resurfaced.
Nonetheless, the bank insists otherwise.
«There are no discussions to review HSBC’s global headquarters and no plans to reopen the issue,» an HSBC spokesperson reportedly said in a «Financial Times» report (behind paywall).
Scrapped Dividends
Despite also halting bonus payouts, markets remained downbeat about HSBC coupled with broader risk-off sentiments. The bank’s share price has plunged over 37 percent, including 12 percent in the last two days.
The decision against dividend payouts marks the first time such an incident has occurred since the post-WWII period in the region in 1946.
