Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Tanzania investigates ferry disaster which killed at least 227

Read more

MEDIAWATCH

Presidential parody: the unofficial Elysée shop

Read more

THE DEBATE

Iran Under Pressure: Tehran Vows Retaliation After Ahvaz Attack

Read more

FOCUS

Germany: Where providing information on abortion remains a crime

Read more

ENCORE!

Music show: ‘Big Brothers’ Winston McAnuff & Fixi

Read more

IN THE PRESS

'Back from golfing dead': Tiger Woods overcomes pain and scandal to win first tour in 5 years

Read more

PERSPECTIVE

Julien Brave NoiseCat: ‘Pipelines a real threat to First Nations’ way of life’

Read more

TALKING EUROPE

Austrian government spokesman: ‘Still possible to agree on Brexit deal before end of October’

Read more

TALKING EUROPE

Playing fair and paying fair: Copyright law gets an internet-age overhaul

Read more

France

HSBC to move seven offices from London to Paris amid Brexit uncertainty

© Tolga Akmen, AFP | Pedestrians walk past a HSBC UK bank branch in London on July 31, 2018.

Text by FRANCE 24

Latest update : 2018-08-08

While Britain braces for its exit from the EU in March 2019, HSBC announced on Monday that seven of its Europe-focused offices will move from London to Paris early next year.

The largest British and European bank, HSBC announced these changes in a statement issued by its French subsidiary, a few hours after unveiling mixed second quarter results.

These seven offices are responsible for the bank’s activities in Italy, Spain, the Netherlands, Belgium, Luxembourg, the Czech Republic and the Republic of Ireland. They will be transferred from HSBC Bank, the company’s London-based subsidiary, to its Paris-based counterpart HSBC France.

Without explicitly mentioning Brexit, HSBC’s statement says that it is “adjusting its activities” in light of “political and regulatory developments in Europe”.

The transfer will take place at the end of the first quarter of 2019, just before the UK leaves the EU in March.

The UK financial services sector – which makes up 11 percent of the country’s economy – has a lot to lose from Brexit.

British Prime Minister Theresa May has ruled out keeping the UK in the single market, meaning that banks will use their European financial passports, which allow them to offer their services throughout the European Economic Area.

The Financial Times reported on Monday that Philip Hammond, the Chancellor of the Exchequer (the UK's finance minister) told a group of British bankers in July that he fears that European countries led by France are trying to take advantage of Brexit to weaken the City.

(FRANCE 24 with AFP)

Date created : 2018-08-07

  • SWITZERLAND - SPAIN

    HSBC whistleblower released on bail

    Read more

  • SWITZERLAND - SPAIN

    HSBC whistleblower arrested in Spain

    Read more

  • UK

    Theresa May calls for new deal with EU on Irish border

    Read more

COMMENT(S)