HSBC buys Citigroup’s US$3.6 billion China consumer wealth business ...Middle East

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HSBC Holdings is acquiring Citigroup’s retail wealth management business in mainland China, accelerating its push in the world’s second-largest economy. The portfolio comprises US$3.6 billion in assets and deposits, with customers in 11 major cities, according to a statement from the London-headquartered bank on Monday. The deal excludes Citi’s credit cards, mortgage and other loan portfolios in mainland China. The acquired business will be integrated with HSBC’s China’s wealth and personal banking operations, the bank said. The deal is expected to close in the first half of 2024. “Our agreement to acquire Citi’s wealth management portfolio in China is a testament to our

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Last updated : 09 October 2023 clock 09:16 AM

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HSBC buys Citigroup’s US$3.6 billion China consumer wealth business ...Middle East

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