Monday, 4 April 2011

Sarkozy wants HSBC in Paris with M&S

'Paris attempts to prise HSBC from London' reads today's headline in the DT business section. As I have opined for years this was always the French game following the location of the EU Securities and Markets Authority in Paris. HSBC sovereign bond trading is already headquartered in Paris, a city where one Samar Assaf, HSBC's new head of Investment Banking has spent much of his working career.

I doubt it will happen. HSBC is unhappy with wee George's ill conceived ideas on bank regulation and are just reminding Cameron what could happen if he does not rein in his none too bright Chancellor. If HSBC were moving headquarters in Europe Geneva in Switzerland would be a much more rational choice with its stable business and political environment. But given most of HSBC's profit comes from the Far East and the 'S' stands for Shanghai then China or Hong Kong, the 'H' in HSBC, would be again a more rational choice than Paris where l'etat c'est moi rules under le petit Napoleon and his Josephine.

Having shut down and sold up in Paris 10 years ago I now read that M&S are to open in Paris. So what's different this time? Ladies knickers are still the same as are M&S sarnies. As it says in the Bible as a dog returneth to his vomit so a fool returns to his folly. M&S are a SELL in my book.

No comments: