Banking giant HSBC has decided to remain headquartered in the UK following an extensive review by its board of directors.
The decision made by the Board to keep its headquarters in London was unanimous, the bank said.
This move is part of the bank’s strategy to support trade and investment flows globally as well as help its retail and corporate customers to meet their financial needs.
HSBC in a statement said: "London is one of the world’s leading international financial centres and home to a large pool of highly skilled, international talent. It remains therefore ideally positioned to be the home base for a global financial institution such as HSBC."
The bank added that its board has decided not to continue the previous practice of reviewing the location of the Group’s headquarters every three years, and will only revisit the matter if there is a material change in circumstances.
In June 2015, the company announced a ‘Pivot to Asia’ as a key part of its strategy under which it plans to invest more into China’s Pearl River Delta and ASEAN region.
HSBC Group CEO Stuart Gulliver said: "Having our headquarters in the UK and our significant business in Asia Pacific delivers the best of both worlds to our stakeholders.
"The completion of this review closes out one of the 10 strategic actions we set out at our Investor Update last June. My colleagues and I remain totally focused on completing the other nine actions."
The bank described the review process as an exhaustive process. In its later stages, the review was narrowed to the UK and Hong Kong.