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

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 aHONG 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.

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Exclusive-HSBC to acquire Citigroup China consumer wealth business -sourcesHSBC 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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Market remains resilient, not overly extended: CitigroupDespite the uncertainty of what lies ahead for the Federal Reserve after pausing interest rates, the market has not overreacted to the news. Yahoo Finance's Seana Smith and Brad Smith break down comments from Citigroup Strategist Chris Montagu about the extended selloff in markets this morning. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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