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LABUAN: HSBC which is closing its branch here by the end of the year is the second major old financial institution with international network to do so.

In 2009, the Standard Chartered Bank (Stanchart) closed its branch here after the global economic downturn. The bank operated from its own premises at Jalan Tun Mustapha following its exit. The landed asset was purchased by a local buyer and is now serving as a fast food franchise outlet, “Marrybrown”.