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. Last Updated: 07/27/2016

New Internet Bank

LONDON -- Merrill Lynch and Co. and HSBC Holdings PLC, owner of Hong Kong's largest bank, are forming a partnership to build an Internet banking and investment services business, the companies announced Tuesday. The new company will provide online banking and brokerage services to customers outside the United States.

HSBC, which owns Hongkong and Shanghai Banking Corp. Ltd., and Merrill Lynch will fund the new business with as much as $1 billion in start-up money. They plan to launch the venture later this year, first in Britain and then in Australia, Canada, Germany, Hong Kong, Japan and other parts of the world. The partners have yet to announce the new company's name but said it will be headquartered in London.