Hong Kong Chief Executive Donald Tsang welcomed HSBC’s decision to relocate the principal office of the Group Chief Executive Michael Geoghegan from London to Hong Kong.

“The relocation of HSBC’s Group Chief Executive to Hong Kong is a significant move for the bank, which has its historical roots in our city,” Mr. Tsang said. “It also highlights Hong Kong’s position as the focal point in Asia for global finance.

“HSBC’s decision is a clear and timely ‘thumbs up’ for Hong Kong as a stable, reliable and vibrant base for the banking industry in the wake of the global financial tsunami,” added the Chief Executive. I am encouraged by HSBC’s commitment to Hong Kong and its confidence in our city as the best platform for tapping opportunities in emerging markets in Asia and, in particular, the Mainland.”

Mr. Tsang said the Hong Kong government would continue to ensure that Hong Kong remained one of the most attractive cities for doing business.

Hong Kong Financial Secretary John C. Tsang said that the move highlighted Hong Kong’s growing status as a global financial center in the Asian time zone.

“The relocation reflects the focus of HSBC towards emerging markets in this part of the world.  It also strengthens the unique and enduring bond between Hong Kong and HSBC,” said the Financial Secretary. “Not only does HSBC’s decision represent a clear vote of confidence in Hong Kong as an international financial center, it also demonstrates the bank’s long-term commitment to our city.”