HSBC chief plays down UK exit talk

The chairman and chief executive of HSBC last night dismissed talk of a possible exit from the UK as "entirely speculative and presumptuous".

Douglas Flint and Stuart Gulliver issued a joint statement in response to a claim that a major, unnamed investor told a Sunday newspaper that "a move is now more than likely".

HSBC, which has been based in London for 19 years, warned key investors that the full-year results - which revealed a more than doubling in annual profits, but below City hopes - made arguments for moving to Hong Kong "overwhelming", it was reported.