HSBC looks to move UK operations to Birmingham

Banking giant HSBC on Tuesday announced that the ring-fenced section of the bank that is being set up will be based in a new headquarters in Birmingham.The ring-fenced entity of a UK bank is under a new law designed for the sector to avert risk by moving operations with separate funding, leadership and oversight.HSBC is the first bank to announce where its new domestic base will be with about 1,000 staff from London moving to Birmingham by 2019, when the ring-fencing law comes into force.HSBC said it had consulted with the unions and was committed to supporting employees throughout the process and Birmingham was chosen following a review of a number of possible head office locations which included assessing whether London was the best place for the ring-fenced bank's head office given its UK-wide coverage.HSBC is said to be in advanced talks to secure a lease on a new 210,000 sq ft office to be built in the city's Arena Central enterprise zone."We want to be the bank of choice in the UK. Creating our ring-fenced bank head office in Birmingham gets us a step closer to that ambition for our 16 million personal and business customers. Birmingham City Council has worked hard and significantly invested to make the city an attractive home for UK businesses and their employees," said Antonio Simoes, chief executive of HSBC UK.