Question 3 (20 marks) Read the following article from The Straits Times. HSBC setting up local subsidiary to handle retail, wealth business HSBC's Singapore branch is spinning off its retail banking and wealth management division into a local subsidiary. This locally incorporated unit, which will be operational from May 9, will oversee the running of all operations of the retail banking and wealth management business here. All other lines of business of HSBC in Singapore, which include commercial banking, private banking and global banking and markets, will continue to operate under the existing Singapore branch... Source: Yasmine Yahya, The Straits Times, 5 Feb 2016 http:/www.straitstimes. com/business/companies-markets/hebe-senring-up-local-subsidiary-to-handle-retail-wealth- business (a) State the international market entry strategy that HSBC utilised in the scenario. Briefly describe TWO (2) advantages and TWO (2) disadvantages of the international market entry strategy utilised by HSBC. (10 marks) (b) Assess the THREE (3) approaches to managing international operations. Which approach should HSBC use to manage its operations in Singapore? Explain your reasons. (10 marks)