HSBC to acquire Citigroup’s China consumer wealth biz

Hong Kong, September 28

HSBC is set to acquire Citigroup’s China consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said. The transaction, the financial details of which were not immediately known, will also see Asia-focused HSBC taking over “a few hundreds” of Citi’s China-based staff, said one of the sources.

The deal could be announced as soon as next month, the two sources said, who could not be named as they were not authorised to speak to the media. HSBC and Citi declined to comment.

The buyout adds to a list of moves by HSBC to expand in China, one of its key markets as Europe’s largest lender vows to exit less profitable geographies to focus on Asia. — Reuters

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