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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.

China's electric-vehicle sales continue to grow. Naturally, industry experts think a move into the US could be imminent.For many years, Alberta has been among the priciest provinces in Canada when it comes to car insurance rates.

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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