HSBC is actively considering whether to relocate its headquarters away from London in response to regulation.
The bank's chairman Douglas Flint was expected to tell this morning's annual meeting that the board had "asked management to commence work to look at where the best place is for HSBC to be headquartered in this new environment"
He said the question was complex and it was too soon to say when it would be decided or what would be the outcome.
The bank's share price rose more than 2.5per cent when the news emerged.
The news is likely to fuel the political row about whether banking reforms are undermining the competitiveness of the key financial sector.
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