Then, there are rumors that the institution, once known as the Hongkong and Shanghai Bank, will also sell its half interest in HSBC Life Insurance, which laid off 130 sales staff recently.

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An MBA from the Chinese University of Hong Kong, he worked for the fund management arms of Hongkong Bank and Japanese securities giant Daiwa before joining Thornton in 1994.

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Hongkong Bank points out that the special administrative region's product mix does not overlap much with Southeast Asia's, limiting competition.

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