why did HSBC move to london
HSBC, which was founded as Hong Kong and Shanghai Banking Corporation in 1865 in Hong Kong, moved its headquarters to Britain in 1993 following its acquisition of Midland Bank. The lender has previously reviewed whether to shift its headquarters in the past, but opted to stay in Britain.SBCâs payment has more than doubled since 2012. The tax cost the bank about $1.1 billion in 2014, when HSBC reported a profit of $13.7 billion. It amounted to $472 million in 2012.