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BoCom transfers HK PB business into direct subsidiary for HK$8bn

Bank of Communications (BoCom), the Chinese lender, has transferred all private banking and retail banking businesses from its fully licensed Hong Kong branch into its directly owned subsidiary Bank of Communications (Hong Kong) for an estimated internal transaction price of HK$7.9 billion, effective 29 January. The change will effectively segregate BoCom’s personal banking business from corporate finance exposures it takes…

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