Reuters exclusively reported that HSBC (HSBA.L) is set to acquire Citigroup’s (C.N) China consumer wealth management business, which manages more than $3 billion in assets, in a major boost to the London-based bank’s business in that country.
Deals
HSBC to acquire Citigroup China consumer wealth business
28 September 2023, 1:01 pm 1 minute
Market Impact
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.
Article Tags
Topics of Interest: Deals
Type: Reuters Best
Sectors: Business & FinanceFinancial Services
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
