DBS: Deutsche remains buy call with $17.20 target. Cites that grp’s plan to spend $250M to boost Treasury & Markets business over next 5 years will have minimal impact on immediate P&L given that annualized investment is less than 2% of 2010E costs….
However sees exponential growth and opportunities in China and India’s currency market with further development and liberalization of economies but warns of high competition.
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