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Finance

HSBC eyes Asia wealth-management acquisitions as profit soars

Bank beats estimates as it moves to reclaim funds set aside for bad debts

HONG KONG -- HSBC Holdings is evaluating acquisition opportunities in Asian wealth management in order to accelerate its pivot to the region, the company's chief executive said on Tuesday, after the U.K.-based lender reported that its first quarter profit surged.

Net income got a boost as the economic recovery from the coronavirus pandemic picked up pace and the bank clawed back funds set aside to cover potential bad debts.

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