In what is being regarded as a boost to the City of London, bank HSBC has decided against relocating its London office headquarters, it has been reported.
According to the Sunday Telegraph the financial institution conducted a review which considered whether it may move its base away from the capital.
However, the report concluded that London remained the best place for its commercial property and the bank has therefore decided against the move.
Other possible locations were not unveiled in the unofficial review which was overseen by Stephen Green, HSBC’s executive chairman, and Michael Geoghegan, its chief executive.
Currently Europe’s biggest bank by market value, it is based at Canary Wharf having relocated to London from Hong Kong in 1993.
The newspaper said that a number of factors had been taken into account during the review when considering whether to remain in the capital.
These, it said, included tax, infrastructure and geographical location.