HSBC buys Citi’s US$3.6 billion China retail assets in expansion
HSBC $HSBC HOLDINGS(00005.HK$ is set to expand its presence in the world's second-largest economy by acquiring $Citigroup(C.US$'s retail wealth management portfolio in China.
Portfolio includes $3.6bn in assets and deposits from wealth customers across 11 major cities.
HSBC is looking to become a leader in the fast-growing wealth management market in China as part of its strategy to focus on Asia.
The deal comes amid concerns over China's economy, including the slump in the real estate market and crackdown on private enterprise. $COUNTRY GARDEN(02007.HK$ $CG SERVICES(06098.HK$ $EVERGRANDE(03333.HK$
HSBC has been pursuing both organic and inorganic initiatives to deepen coverage of mainland China wealth customers, with a focus on affluent and emerging affluent sectors.
The sale is part of Citigroup's wind-down of its consumer banking business in China, which was announced in December 2022.
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