HSBC, Standard Chartered Explore Move To Asia Amid Jump In UK Bank Tax

HSBC and Standard Chartered are exploring the feasibility of quitting London for a new home in Asia after Britain raised a tax on U.K. banks by a third last month. Analysts say the cost of moving could be between $1.5 billion and $2.5 billion per bank.

HSBC signaled possible shift

Britain has increased the bank tax by eight times since it was introduced in 2010 to ensure banks make a “fair contribution” after the financial crisis. With the upcoming May 7 election, the Labour Party indicated its plans to increase the...