An interesting article from today’s newspaper. A few questions you might ask yourself:
If HK economy is not convincing, what about others such as EU? Are we still in a better position?
Why would those big sharks consider HK or SG? What made us better?
What can we do to get them to HK not SG?
Are you ready to jump on the bandwagon when it comes?
Prudential ponders relocating to Asia
Monday, October 05, 2015
Prudential (2378), Britain's largest insurer, is considering moving its headquarters from London to Asia probably Hong Kong or Singapore to escape new European Union regulations, The Sunday Times reported.
The relocation may involve selling its British operation or spinning it off for separate listing, sources said.
European insurers will see demand for increasing capital buffers against unforeseen financial shocks, as Solvency II, an EU regulation setting out the amount of capital insurers must hold, comes into effect from the start of next year.
The insurer examined the plan back in 2012 when the Solvency II was still some way off.
The revived plan came after HSBC (0005) and Standard Chartered (2888) announced plans to shift their headquarters to Asia in April.
The two lenders face a combined US$2 billion (HK$15.6 billion) bill this year under the annual UK bank tax, up from US$1.5 billion last year.
HSBC is considering moving its headquarters back to Hong Kong, its best-performing region, while Standard Chartered, who has no banking network in Europe, is mulling a move to Singapore, where its main franchise is