From Sky News

The ‎Caribbean state is pitching itself as a potential location for the HQ of Europe’s biggest bank, Sky News learns.
Caribbean state is pitching itself as an HQ option

By Mark Kleinman, City Editor

It is better known for its golden beaches and obsession with cricket, but Jamaica is now trying to frame itself in an alternative light by urging Europe’s biggest bank to move its global headquarters there.

Sky News understands that the Jamaican government has contacted HSBC to pitch the island-state as a potential destination as the lender decides whether to move its head office away from the UK.

The approach from Jamaica – and another from the Netherlands – was disclosed by Stuart Gulliver, HSBC’s chief executive, during a ‘town hall’ meeting with senior bank staff last week.

Mr Gulliver’s presentation sought to offer clarity to HSBC executives about the headquarters review, with a decision due to be made by the end of the year about whether rising regulatory costs and structural reforms will push it to leave London after more than two decades.

A number of other governments have also reached out to HSBC, attracted by the perceived prestige of becoming home to one of the world’s largest banks.

However, Hong Kong – where HSBC was based before its shift to London in the early 1990s – is seen as the leading contender if Mr Gulliver and his colleagues on the board do decide to relocate.

In an update to investors last week, Mr Gulliver outlined plans to cut up to 25,000 more jobs by the end of 2017 and confirmed that he was looking to sell its operations in Brazil and Turkey.

He also set out 11 criteria that will shape its decision about the future location of its headquarters, including the scale of HSBC’s existing presence, the ability to attract and retain top talent, the tax systems of competing jurisdictions and their economies’ long-term stability.

HSBC declined to comment.

IMAGE: Jamaican flags

For more on this story go to: http://news.sky.com/story/1502447/jamaica-a-surprise-suitor-as-hsbc-reviews-hq