The chief executive officer of HSBC will receive an extra £800,000 a year in allowances and benefits to cover his relocation from London and Hong Kong.
Any disruption caused to Michael Geoghegan and his family due to the move will be covered by the £300,000 allowance element of the payment.
Vincent Cheng, who Mr Geoghegan will replace as chairman of the Hong Kong firm, was given £663,000 in benefits in 2009.
Plans to increase Mr Geoghegan's salary by 40 per cent were recently rejected by shareholders in the company.
Children's education, housing and travel expenses, which will not be covered in the allowance, are estimated to total over £500,000.
One remuneration lawyer told the Times: "Even if you take into account all the rental costs, school fees and travel to and from the UK, they do not add up to £300,000, even for Hong Kong, by a long shot."
A bonus of £9 million was accepted earlier this week by HSBC head of investment banking Stuart Gulliver.
