China's market turmoil poses hurdle for HSBC's Asia push
Sale of Brazilian unit and planned disposal of Turkish unit leave bank more reliant on Asia
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London
JUST as Stuart Gulliver's effort to revive HSBC Holdings Plc's profit is showing signs of paying off, China's market turmoil is threatening to undermine it.
The lender posted a 10 per cent increase in first-half profit on Monday, helped by a surge in income from Asia. HSBC also announced the sale of its money-losing Brazilian unit for US$5.2 billion, US$1 billion more than analysts had anticipated, and is preparing to follow that with the disposal of its Turkish unit.
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