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HSBC to incorporate Singapore subsidiary in May

Local incorporation means customer deposits will be ringfenced from group operations

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


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...

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