HSBC announces acquisition of Citi China's consumer wealth business
HSBC China announced on Monday that it has reached an agreement with Citi China to acquire the latter's consumer wealth management business, a move seen as a boost HSBC's investment in China.
The deal covers assets under management and deposits of about $3.6 billion in 11 Chinese cities as of August. Citi China's consumer wealth management business employees are expected to be invited to join HSBC China.
HSBC China said the promising prospects of assets management business in China have become a key leverage for it to increase its presence in the field in the Asia-Pacific region.
Citi first announced its plan to exit China consumer banking in April 2021 as part of a global strategy revamp. The consumer banking business mainly served rich clients with deposit, fund and structured product offerings.
Citi China said the deal is expected to conclude by the first half of 2024.
First, please LoginComment After ~