HSBC is pioneering an offshore legal function to service its UK volume legal queries, in a move that threatens to make corporate counsel the latest back-office commodity to be relocated to Asia.
The FTSE 100 banking giant has set up a team of four lawyers in its global service centre in Malaysia’s capital, Kuala Lumpur, and has said that it may open up the facility to the bank’s legal functions in other jurisdictions. It is understood to be the first major UK financial institution to make such a move.
