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HSBC set to sell off unspecified piece of private banking business

With HSBC’s global private banking arm recording a 143% decline in profit before tax (PBT) for the first quarter of 2013, the bank has disclosed that part of its private banking business is being “held for sale”. According to HSBC’s interim management statement for the first quarter 0f 2013, the bank incurred a loss of US$300 million stemming from its…

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