Global banking giant HSBC on Friday said it had launched a review on whether to remain headquartered in Britain as the country tightens regulation of the sector.

The board has "asked management to commence work to look at where the best place is for HSBC to be headquartered" amid "regulatory and structural reforms", HSBC chairman Douglas Flint was to tell shareholders at the group's annual general meeting taking place Friday in London, a company statement said.