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Dispatches: HSBC chairman to be based in Hong Kong?

The race to become the next chairman of London-based HSBC could turn on whether the board is willing to post the assignment to Hong Kong, as both of the leading contenders – chief executive Michael Geoghegan and board member John Thornton – have strong ties to Asia and are likely to want the job based there. (Wall Street Journal)

Citigroup is to open brokerage businesses in Malaysia and Indonesia and increase its Vietnamese and Thai branch networks as it expands aggressively in South East Asia following the global financial crisis. “Everybody talks about India and China but as a subregion this [South East Asia] is equally important,” said Shirish Apte, Citi’s Asia Pacific chief executive. “We have strong growth right across the market.” (Financial Times)

The day before he was due to be released from an Australian jail after a six-month sentence for contempt of court, the former Macquarie Bank associate director Oswyn De Silva has pleaded guilty to insider trading. The securities involved were all traded on the Singapore Exchange between December 2006 and April 2007, when De Silva was portfolio manager for the Asian component of two of Macquarie’s property securities funds. (The Age)

Talk to legendary Goldman Sachs chief economist Jim O’Neill and it’s hard not to get even more bullish about Australia’s China boom. (The Australian)

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