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Gov't lobbying Europe's largest bank to establish headquarters in Jamaica

Published:Monday | June 15, 2015 | 6:07 PM

The Jamaican government is reportedly lobbying Europe’s largest bank, HSBC, to establish its global headquarters here.

According to the UK's Sky News, HSBC's chief executive, Stuart Gulliver, disclosed to staff last week that the bank has been approached by Jamaica and The Netherlands.

It's understood that the bank will decide by year end whether rising regulatory costs and structural reforms will push it to leave London after more than twenty years.

The media report says Hong Kong, where HSBC was based before its shift to London, is seen as the leading contender if the bank decides to relocate.

The bank’s CEO has outlined 11 criteria that will shape the decision about the future location of the bank’s headquarters.

Some of them include 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.