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Daily Dispatches: HSBC plans more China hires

HSBC says it is capitalizing on China’s fast-growing economy and a government-led campaign aimed at expanding rural financial services to ramp up its business in the country. HSBC has 99 outlets across 23 cities in mainland China, a sharp increase from fewer than 30 in mid-2006, a year before China fully opened its banking industry to overseas competition. This year, the UK lender plans to add around 20 outlets in China. (Wall Street Journal)

ANZ aims to add as many as 80 people to its Hong Kong currency team as the bank expands its business in Asia. (Bloomberg)

Singapore’s DBS Bank has appointed Tan Su Shan as head of private banking, including asset management, to succeed Amy Yip, who remains Hong Kong chief executive at DBS. One of Tan’s immediate priorities will be to build the team, including making some senior hires, says a DBS spokeswoman. (Finance Asia)

Citibank is targeting high net-worth individuals with a new wealth management operation. Citigold Private Client – which takes over the role formerly occupied by Citigold Select – was officially launched on Saturday in Singapore and Hong Kong. (Asia One)

Aviva, the world’s fifth-largest insurer, is to re-enter the Asian general insurance market – its second move to expand in the region since its chief executive last month played down Asian prospects. (Financial Times)

China has set a strict timetable for its banks to review local governments’ off-the-books borrowing, the nation’s top banking regulator said, in Beijing’s latest step to clear up the murky legacy of last year’s lending boom. (Wall Street Journal)

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