HSBC to leave Euronext Paris exchange in cost-saving measure
HSBC Holdings has announced it is to delist from the Paris-based Euronext index citing running costs and low listing volumes.
The UK-based bank, which is currently reviewing its retail operations in France and is reducing its markets headcount, is maintaining its listings in London, Frankfurt, Hong Kong and New York and HSBC confirmed they would not be affected.
The closure followed a "review of the trading volumes, costs and administrative requirements related to its Euronext Paris listing," the bank said.
HSBC remains committed to its plans to be a leading international bank in Europe."
HSBC said in a statement: "Any delisting of HSBC's ordinary shares from Euronext Paris is subject to the approval of Euronext Paris and would have no impact on HSBC's day-to-day operations in France or in Continental Europe, where HSBC remains committed to its plans to be a leading international bank in Europe."
An update on the future of the bank's French and US retail divisions is expected in February.HSBC, which released better-than-expected 3Q results last week, is mid-way through one of the biggest overhauls in its history, with some 35,000 jobs likely to be lost worldwide.
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