HSBC Holdings' Hang Seng Bank unit plans to develop 10 floors of office space in Hong Kong to house its back-office operations. The $129.2 million property purchase is at the Telford Plaza Tower II building, owned by Mass Transit Railway Corp. and New World Development and will be renamed Hang Seng Tower when it opens in late-1996. Hang Seng's major back-office functions for trade finance, remittance processing, automated-teller control centre, deposit service support and training will relocate

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