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Co-Founder of NORMAN & SONS | Delivering the future of capital markets | UX | Technology

HSBC is set to acquire Citi'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. 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. Citi's China wealth management operations, part of the retail banking business it has been looking to exit since 2021, mainly serves mass affluent clients in the world's second-largest economy. Read the full story at https://lnkd.in/ejUhGEyK. #bankingindustry #china #markets

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

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

reuters.com

Simon Clarke

Property Investor ★ Land Sourcer ★ Estate Agency Owner with in-Depth Experience of the UK BTL & Residential Market

1y

Looks like to be an interesting acquisition but is now the right time to invest in China Graeme Harker

Barry Lamb

Bulk & Complex Waste specialist | Clinical Waste | Animal By Products | Seized Goods | Hazardous Waste | Business Development | Outstanding Customer Service | Zero to landfill | Experience in multiple sectors |

1y

Interesting article, that was a bit below the radar

Steven Mcgough

LinkedIn Top Voice | Display, Embedded & IoT Technology | Business Development Lead | Driving Electronics Innovation

1y

Looking forward to seeing how this acquisition strengthens their presence in the region. #bankingindustry #China #growth

Sean Newman

I will help you start and build your own estate agency, lettings and auction business. With The Property Experts, The Letting Experts and The Auction Experts

1y

interesting acquisition.

Edmund White

VP Business Development | AI-Driven MedTech & Healthcare Innovator

1y

Interesting move by HSBC to build on their presence in APAC region.

Marcus Conway-Gebbie

Student at Queen Margaret University

1y

They’re definitely spreading their reach now

Jo Ferreday

Reliable Events & Corporate Hospitality Services | Venue Searching & Event Support | MD of Sheer Edge & Editor in Chief of Inside Edge

1y

Interesting move by HSBC Graeme Harker

Stuart Payne

Talks About - Business Transformation, Organisational Change, Business Efficiency, Sales, Scalability & Growth

1y

Interesting move by HSBC Graeme Harker

Nathalia Loise Pili

Virtual Assistant | Helping #CEOs and #Entrepreneurs advance their business by taking over their back end tasks through my administrative services and social media content creation.

1y

This may be one of HSBC's strategic moves 🤔

Rupinder Dhillon

Generating 3-5 new clients monthly for IT and consulting professionals through expertly managed LinkedIn content marketing and social selling | Skyrocketing brand visibility | Stop cold calling & Paid ads 🚀 🎯

1y

This is an interesting news. Thanks for sharing this, Graeme.

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