Profit at HSBC Bank Canada took a big hit in the third quarter, dropping $44 million to $187 million compared with the same period a year ago.
The Vancouver-based division of the multinational bank blamed the 19% decline in profit on low interest rates and disappointing gains on financial investments, according to financial results released Monday (Nov. 2).
The British parent company, which is headquartered in London, managed to boost its profit 32% to US$6.1 billion compared with a year prior.
In April, the bank announced it was considering relocating its headquarters from London to avoid a proposed bank tax hike in the U.K.
HQ Vancouver president Yuen Pau Woo said at the time the Vancouver’s connections to Asia, proximity to the U.S. and the existing HSBC Bank Canada infrastructure could make the city a viable location for at least some of the parent company’s operations.
But HSBC chairman Douglas Flint told reporters in a conference call Monday said no decision has been made regarding whether the bank would be moving its global headquarters.
