HSBC is set to acquire Citigroup’s China consumer wealth management business, which manages more than $3 billion in assets, according to an exclusive Reuters report, two sources with knowledge of the matter said, it said this will be 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.
-Reuters
