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HSBC’s wealth business enjoys bumper 2023 on higher interest rates

HSBC’s wealth and personal banking (WPB) unit raked in a more-than-double increase in profit before tax for FY23, boosted by higher interest rates and a revamp of its international proposition. In addition, the British lender attracted US$84 billion of net new invested assets within WPB and saw an increase in WPB new-to-bank international customers in Singapore of 76% YoY. In…

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