Standard Chartered may move

Standard Chartered may move abroad in a bid to avoid British taxes and regulations. According to The Times, the board has discussed the issue in depth at several meetings and has a team working on the possibility of setting up office in the Far East or elsewhere. Though chief executive Peter Sands said staying in London was the bank’s preferred option, he said it would consider moving if it was “hopelessly disadvantaged”. The bank’s main concern is that the Banking Commission under Sir John Vickers will call for a split of investment and retail banks.