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HSBC to incorporate Singapore subsidiary in May

Local incorporation means customer deposits will be ringfenced from group operations

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Subsidiarisation involves the transfer of the retail business under the current HSBC Singapore Branch to a locally incorporated subsidiary, HSBC Bank (Singapore) Ltd.

Singapore

ONE hundred and thirty-nine years after HSBC opened its first branch in Singapore, the bank will locally incorporate its retail operations on May 9 - fulfilling the objective of the Monetary Authority of Singapore (MAS) to protect customer deposits.

History aside (HSBC's

sentifi.com

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