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Citigroup notes HSBC's (HBC) massive exposure to emerging markets, which accounted for $13.8B,...

Citigroup notes HSBC's (HBC) massive exposure to emerging markets, which accounted for $13.8B, or 80%, of group net profit in 2011, and wonders why the bank isn't valued accordingly. Instead, HSBC's valauation is more in line with that of banks that focus on developing markets, such as JPMorgan.
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