Tough Times for Foreign Banks in China – WSJ.com

 

 

Profits in China for banks based in other countries fell sharply last year, according to a report by accounting firm KPMG. At HSBC Holdings PLC, the largest foreign bank in China, after-tax profits declined 60% from 2008 to 718 million yuan ($106.5 million). In contrast, Chinese banks posted double-digit percentage gains in after-tax profits.

via Tough Times for Foreign Banks in China – WSJ.com.

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