HSBC has signed an agreement to buy Citi’s retail wealth management business in mainland China.
The business comprises $3.6bn in assets and deposits as of August this year as well as the customers across 11 major cities.
Following the acquisition, the business will be integrated into HSBC’s wealth and personal banking business unit.
“Mainland China is central to our ambition to be the leading wealth manager in Asia. This investment will allow us to further build out our core wealth business in HSBC Bank China,” said Nuno Matos, chief executive officer for wealth and personal banking at HSBC.
“We are excited by the opportunities that lie ahead, as we continue our journey to be the leading bank for the affluent and international retail customers in mainland China.”
“Our agreement to acquire Citi’s wealth management portfolio in China is a testament to our confidence in the country’s long-term economic development,” said David Liao, HSBC Asia Pacific co-CEO.
“We’re making investments across all areas of our business in this market. Particularly, we are focused on fulfilling local wealth needs while continuing to offer HSBC’s unparalleled global connectivity and international expertise. Our strong foundation as part of the HSBC Group enables us to serve them with excellence.”
