HSBC and StanChart eyeing $500mn fee windfall on China link ...Qatar

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HSBC and StanChart eyeing $500mn fee windfall on China link
Global banks including HSBC Holdings Plc and Standard Chartered Plc are ramping up hiring to tap into China’s latest market opening – a new investment link with Hong Kong that could yield almost $500mn a year in fees. The investment scheme will allow bank customers in nine southern Chinese cities such as Shenzhen to invest across the border in Hong Kong and vice versa, further integrating the $1.7tn Greater Bay Area economy. The “Wealth Connect” plan, set to launch in the second half of the year, could open up 3bn yuan ($464mn) in annual fees for global banks and their domestic rivals including Bank of China Ltd, according to Bloomberg Intelligence estimates. “This is a breakthrough for the

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