International bank HSBC says it has decided to keep its headquarters in London after considering a move to Hong Kong in response to tougher U.K. banking regulations.

The bank said Sunday that the board's decision had been unanimous.

Chief executive Stuart Gulliver said "having our headquarters in the U.K. and our significant business in Asia Pacific delivers the best of both worlds to our stakeholders."

A headquarters move would have been a huge blow to Britain's Conservative government, which wants to retain London's status as a global financial power.

Britain's Treasury said HSBC's decision was "a vote of confidence in the government's economic plan, and a boost to our goal of making the U.K. a great place to do more business with China and the rest of Asia."