Banking group HSBC has warned it could leave the UK if plans to break up the big banks are pushed through.

Stuart Gulliver, head of investment banking, told the Nomura financial conference that it could relocate to more favourable climes if it was forced to separate its retail operations from its investment banking division.

He said that while the bank would prefer to keep its headquarters in the UK, any decision by the banking commission to break up the banks would have 'significant implications for where we may choose to headquarter our institution'.

'I want to be crystal clear,' he said. 'Our preference is to be headquartered in the UK.

'We would hope that there isn't a conclusion that causes the banks that didn't actually take any money from any governments anywhere in the world to have to move their headquarters.'

His comments follow on from similar indications made by Barclays and Standard Chartered last month.

HSBC chief executive Michael Geoghegan has already moved from London to Hong Kong as part of the bank's strategy to focus on emerging markets.

Stephen Green, the group chairman who remains in London, said at the time: 'There is absolutely no question of HSBC pulling away from London. We will operate two equally strategically important centres for the company.'

The banking commission, which is being chaired by John Vickers, will report in September 2011.

HSBC reported pre-tax profits of £7 billion for the first six months of 2010 - more than double its profits for the same time last year.

The bank said it was profitable in every region, except for North America where it saw losses of $80 million.