The bank said the review followed "regulatory and structural reforms" since the financial crisis.
The statement, which the bank's chairman Douglas Flint will say at today's AGM, said:
"It is [...] essential that we position HSBC in the best way to support the markets and customer bases critical to our future success. In this regard, we also have to take fully into account the repositioning of our industry being driven by the regulatory and structural reforms which have been put in place post crisis. As I said at our informal meeting in Hong Kong on Monday, we are beginning to see the final shape of regulation and of structural reform, including the requirement to ring fence in the UK. As part of the broader strategic review taking place, the Board has therefore now asked management to commence work to look at where the best place is for HSBC to be headquartered in this new environment. The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is underway."
HSBC's share price rose more than 2.5% following the news
Flint continued:
"In a world which has moved from being interconnected to being interdependent, our business model is increasingly relevant to companies of all sizes and to individuals whose financial future is linked to economic activity in multiple countries.
"As the regulatory reform programme reaches its final stages we will continue to champion the benefits of shaping the new regulatory system to underpin the financial activities that support global trade and investment flows and job creation. The global financial system is transparently and markedly stronger than it was before the crisis and it is essential we are able to utilise this strength to support risk taking and entrepreneurial ambition within the communities we serve."
HSBC have faced criticism after leaked details from bank accounts totalling £78bn revealed that HSBC routinely helped wealthy UK customers to avoid paying taxes.
Flint commented:
"The recent past has been very difficult for HSBC... Our reputation has been damaged and the financial burden of the unacceptable behaviour has been borne by you, our shareholders in fines, penalties, additional costs and the opportunity costs arising from diversion of management time - this is clearly wrong."
The bank employs a total of 266,000 people, including 47,000 in the UK.
