HSBC could move to Paris, says Myners

FORMER City minister Lord Myners yesterday suggested HSBC could consider moving the legal domicile of its UK retail arm to France to circumvent the ringfencing of investment from retail banking proposed by the Independent Commission on Banking.

Myners was reported as saying the bank could run the UK retail business through its CCF French bank and be “passported into the UK”. HSBC declined to comment.