EXCLUSIVE-HSBC to acquire Citigroup China consumer wealth business -sources

Reuters
2023.09.28 03:05
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HONG KONG, Sept 28 (Reuters) - HSBC (HSBA.L) is set to acquire Citigroup’sChina consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said, in a major boost to the London-based bank’s business in that country.

HONG KONG, Sept 28 (Reuters) - HSBC (HSBA.L) is set to acquire Citigroup’s (C.N) China consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said, in a major boost to the London-based bank’s business in that country.

The transaction, the financial details of which were not immediately known, will also see Asia-focussed HSBC taking over “a few hundreds” of Citi’s China-based staff, said one of the sources.

Both Citi and HSBC declined to comment.

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