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HSBC hires 100 wealth advisers in China

Bank also setting up fintech venture as it eyes bigger share of growing market

HSBC's offices in Hong Kong: The bank is expanding its wealth management services in China.   © Reuters

HONG KONG -- HSBC Holdings has hired 100 wealth advisers and is setting up a fintech venture in China as part of a plan to increase investment in the mainland despite plans to slash as much as 35,000 staff globally.

The London-headquartered bank, which earned the wrath of British and U.S. lawmakers for coming out in support of Beijing's national security law for Hong Kong last month, said the new staff would provide mobile wealth and insurance services to customers outside its branches in Guangzhou and Shanghai to start with. The mobile financial planning business will eventually be extended to the rest of China and Asia, according to a statement.

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