HSBC said it still planned to increase its operations in China after dismissing as “entirely incorrect” speculation that new chief executive Stuart Gulliver had decided to base himself in London rather than the former British colony.
It has been suggested that Gulliver’s return to the UK may suggest HSBC is lowering its Chinese ambitions due to Beijing’s restrictions on foreign takeovers. The move by Gulliver’s predecessor Michael Geoghegan to Hong Kong in January last year was taken as a sign HSBC was returning to its Asian roots.
HSBC said Gulliver, who lived in Hong Kong after joining HSBC in 1990, would move back and his main office would remain there.
“Nothing whatsoever has changed,” a spokesman said.
HSBC is China’s biggest overseas bank with more than 100 branches. The spokesman refused to specify any expansion plans.
“There is nothing we are prepared to speculate about,” he said.