Hong Kong's top official said Friday that he welcomed HSBC's decision to relocate the group's Chief Executive Michael Geoghegan's principal office from London to Hong Kong.

The relocation is a significant move for the bank, highlighting Hong Kong's position as the focal point in Asia for global finance, said Donald Tsang, chief executive of the Hong Kong Special Administrative Region (HKSAR).

"HSBC's decision is a clear and timely 'thumbs-up' for Hong Kong as a stable, reliable and vibrant base for the banking industry in the wake of the global financial tsunami," he said.

"I am encouraged by HSBC's commitment to Hong Kong and its confidence in our city as the best platform for tapping opportunities in emerging markets in Asia and, in particular, the mainland," said the chief executive.

Tsang said the government will ensure Hong Kong remains one of the most attractive cities for doing business.

Financial Secretary of the HKSAR government John Tsang said the relocation reflects the focus of HSBC toward emerging markets in this part of the world. It also strengthens the unique and enduring bond between Hong Kong and HSBC.

"Not only does HSBC's decision represent a clear vote of confidence in Hong Kong as an international financial center, it also demonstrates the bank's long-term commitment to our city."

"The Government will continue with its efforts to further develop Hong Kong as an international financial center and as our nation's premier city for global finance," he said.

Source:Xinhua