French oil and gas giant Total has said it is planning to move its corporate treasury department to London to boost its image and get closer to analysts.
A spokesman told Reuters the move would help it “get closer to… the oil trading and financial centre of Europe to allow the group to improve its international visibility”. The company is currently in discussions with trade unions and social partners. The news confirms a report by investigative website Mediapart.
The executive committee and chief financial officer Patrick de La Chevardiere would remain in Paris and the company has said it will continue to pay its taxes in France. Total paid €1.2bn in taxes to the French treasury in 2012.
Around 60 treasury department staff and ten financial communication workers from Total’s 100,000 strong workforce would move to the UK capital, and corporate treasurer Humbert de Wendel and financial communications head Martin Deffontaines are among the senior staff joining them.
The move will not happen before the end of the year. Total is holding an investor conference in London on 23 September.