In considering whether to leave London for Hong Kong or another destination in Asia, Gulliver said the bank was seeking tax treatment which was ‘transparent, fair and competitive’.

In his presentation to analysts about the decision, Gulliver said the UK bank levy was ‘a subset’ of the issue, but the April increase to 0.21% is believed to have prompted the review. One of the eleven factors named on HSBC’s list is ‘government policy in support of growth and development of the financial services sector’.

HSBC has long been a vocal critic of the bank levy, which is calculated with reference to the bank’s whole balance sheet, and so has a significant impact on UK banks with large foreign operations.

Last year, the levy raised £1.9bn in revenue, with HSBC the biggest contributor at £750m. If the bank moved to Hong Kong, it would make substantial savings in this area.

Another factor HSBC is weighing up which could prove problematic if it opts to stay in the UK is having a robust commercial environment, including enforceability of relevant laws, where the bank cited concerns over excessive bureaucracy.

 It is also seeking long-term stability, and has said the upcoming EU referendum and the threat of Britain leaving was a major economic uncertainty.

In addition, HSBC’s list includes assessment of the regulatory environment; the financial impact of a move on the group; the economic importance and future growth potential of any new destination; the scale of existing HSBC presence; a highly competitive economy; a High Transparency International score; and the ability to attract and retain top talent.

Chancellor George Osborne is set to deliver his Mansion House speech this evening, and there is widespread speculation that his address may include indications of some softening of the UK banking levy.