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

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HSBC is set to acquire Citigroup's 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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This has continued to worsen over the last five years and a new report suggests that legal costs are largely to blame.The Insurance Bureau of Canada commissioned a study by consulting firm MNP, which has found legal costs alone account for 20 per cent of the premiums drivers pay. This amounts to approximately $1.2 billion between 2018 and 2022, and legal costs have ballooned 31 per

 

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