HSBC Buys Citi’s $3.6 Billion China Retail Assets in Expansion
- HSBC is in midst of pivot to Asia to boost profitability
- Push comes as China’s economy has struggled to gain momentum
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HSBC Holdings Plc agreed to buy Citigroup Inc’s retail wealth management portfolio in mainland China, adding to its expansion in the world’s second-largest economy.
The portfolio comprises about $3.6 billion in assets and deposits from wealth customers across 11 major cities, HSBC said in a statement. Terms of the transaction weren’t disclosed and the deal is expected to close in the first half of 2024, Citi said.