The HSBC headquarters stand in the financial district of Canary Wharf, in London, March 13, 2023. (PHOTO / AP)
HSBC China announced on Monday that it has reached an agreement with Citi China to acquire the latter's consumer wealth management business, a move seen as a boost HSBC's investment in China.
Citi China said the deal is expected to conclude by the first half of 2024
The deal covers assets under management and deposits of about $3.6 billion in 11 Chinese cities as of August. Citi China's consumer wealth management business employees are expected to be invited to join HSBC China.
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HSBC China said the promising prospects of assets management business in China have become a key leverage for it to increase its presence in the field in the Asia-Pacific region.
Citi China said the deal is expected to conclude by the first half of 2024.
