Extra British regulations and taxes on banks could cost Standard Chartered Plc
It's easy to get to a number north of $500 million a year, said Sands, when asked by lawmakers to estimate the cost in extra regulations of being based in Britain.
That includes the UK banking levy, which will cost Standard Chartered about $190 million this year.
I am concerned that there is an avalanche of new regulations ... there is a real danger in the quantum and complexity of regulatory change.
Sands said that trend had increased the argument for the bank to move its headquarters away from London, an issue which is constantly under assessment, Sands said.
We get asked about our intentions on domicile in almost every single investor meeting, including in those with our UK investors, Sands said.
We don't have plans to leave, our preference remains to stay here in UK, he said, but added: The strength of argument to leave has grown.
Sands was speaking to politicians on the UK's Treasury Select Committee on proposed changes in bank regulation.
(Reporting by Steve Slater and Sudip Kar-Gupta; Editing by David Holmes)