HSBC sees no change to UK bank levy policy

LONDON: HSBC said it does not expect Britain to change its bank levy policy before the next general election due in 2015 and said it is likely to pay about $800 million on the tax this year.

HSBC has said the levy unfairly hits banks with big overseas operations. Half its payment last year was on non-UK banking activity.

"We have had all the conversations we could possibly have with all the people we could have them with, and I believe there will be no change at all this side of a general election," Chief Executive Stuart Gulliver told investors on Wednesday.

HSBC paid $571 million for the levy in 2012, but Finance Director Iain Mackay told investors that was likely to rise to near $800 million this year due to a higher tax rate.