Top Stories
HSBC adds over 300 to China headcount after Citi wealth acquisition
Global Banking & Finance Review®
Company
HONG KONG (Reuters) – HSBC said on Tuesday it had boosted its headcount in China by more than 300, as the Asia-focused lender completed the acquisition of Citigroup’s consumer wealth portfolio in the world’s second-largest economy.
HONG KONG (Reuters) – HSBC said on Tuesday it had boosted its headcount in China by more than 300, as the Asia-focused lender completed the acquisition of Citigroup’s consumer wealth portfolio in the world’s second-largest economy.
The portfolio of investment assets and deposits and clients across 11 major cities in mainland China has also been integrated into HSBC as part of the acquisition of the business, the London-headquartered bank said.
The completion of 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.
The portfolio acquisition demonstrates HSBC’s “commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns,” said Nuno Matos, CEO of the bank’s wealth and personal banking business.
In 2023, HSBC in mainland China grew wealth invested assets by 53% and its wealth client base by more than 30% year on year, the bank said in a statement.
The deal, announced last October, covers total deposits and investment asset under management of about $3.6 billion.
(Reporting by Xie Yu; Editing by Sumeet Chatterjee and Rashmi Aich)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
A portfolio is a collection of financial assets such as stocks, bonds, commodities, and cash equivalents, held by an investor.
Wealth management is a comprehensive service that combines financial planning, investment management, and other financial services to manage an individual's or family's wealth.
A market strategy is a plan of action designed to promote and sell a product or service in a specific market.
Explore more articles in the Top Stories category
