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Hong Kong holds strong in a tough 2016 for HSBC’s global private bank

HSBC’s global private banking business posted a hefty US$3.3 billion loss on the back of a goodwill write off of its business in Europe. However, its Hong Kong private banking business remained robust, accounting for a significant portion of pre-tax profits for the year. The US$2.4 billion write off goodwill pertains to the purchase of Safra Republic Holdings in 1999,…

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