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BoCom to invest HK$7.9 billion in new HK subsidiary that will house private banking activities

Bank of Communications (BoCom) will invest HK$7.9 billion (US$1 billion) to set up a wholly-owned subsidiary in Hong Kong which will house its private banking activities in the special administrative region, the bank said in a statement. BoCom, which launched private banking services in Hong Kong in 2010, plans to transfer its retail and private banking operations in the city…

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