HSBC to buy Citigroup China consumer wealth business

📆 13/03/45 01:23 م
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المملكة العربية السعودية أخبار أخبار

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.

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.

The acquisition adds to a list of moves by HSBC to expand in China, one of its key markets as Europe's largest lender vows to exit less profitable geographies to focus on its key revenue generator, Asia.

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