Why not go to NYC, Singapore or HK? Because they need an EU base to clear Euros and to maintain passporting rights to any other EU country, once the base is es

Why not go to NYC, Singapore or HK? Because they need an EU base to clear Euros and to maintain passporting rights to any other EU country, once the base is established in an EU country. For this very reason Zurich (which is arguably the center of private banking) is out of the race. Switzerland is not an EU country.