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JPMorgan picks HSBC, StanChart to run $500 billion custody business in Hong Kong, Taiwan

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JPMorgan Chase has selected HSBC and Standard Chartered to operate its custody businesses in Hong Kong and Taiwan, with assets worth more than $500 billion, a spokesperson for the U.S. bank said. Reuters reported in December JPMorgan, the world’s third-largest global custodian, was set to outsource the operations of its local custody business in Hong Kong and Taiwan with Citigroup, HSBC and StanChart in the race for the mandate.

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