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HSBC PB 3Q18: Revenue stable, internal referral strategy contributes over half NNM

HSBC Global Private Banking (GPB) recorded a stable revenue in 3Q18 while a major portion of its net new money (NNM) was brought in by the other arms of the universal bank, supporting the private banking chief’s decision to integrate the business “back into the mothership”. The third quarter marked a slight YoY drop in revenue from US$434 million to…

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