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Finance

Hong Kong old-guard banks shaken by protests and online competitors

HSBC and others cut fees in response to potential threat from virtual lenders

HONG KONG -- Big banks in Hong Kong face a tougher environment as competition from internet-based rivals and political uncertainty roil the financial services market.

HSBC Holdings, which controls more than 30% of the Hong Kong banking market, and other big banks are battling for customers.

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