HONG KONG : 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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: