London-based HSBC has completed the acquisition of Citi’s wealth management portfolio in mainland China across 11 cities.
After inking a deal in October 2023, HSBC has completed the acquisition and integration of Citi’s retail wealth management portfolio in mainland China, according to a statement.
The portfolio includes investment assets and deposits as well as associated wealth customers across 11 major cities – Beijing, Shanghai, Guangzhou, Shenzhen, Dalian, Chengdu, Hangzhou, Nanjing, Chongqing, Tianjin and Changsha. More than 300 employees have also joined HSBC.
Local Ambitions
Mainland China is becoming an increasingly significant contributor to HSBC’s wealth management business. In the first quarter of 2024, the market doubled its net new invested assets, accounting for one-third of Asia's $19 billion in inflows. The bank also launched its flagship wealth center in Shanghai this year.
«HSBC’s ambition is to be the leading international wealth manager for mass affluent and high net worth individuals in mainland China. This portfolio complements our growing set of wealth businesses in the country, demonstrating our commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns,» said HSBC wealth and personal banking CEO Nuno Matos.
