HSBC to acquire Citigroup China consumer wealth business: report

HSBC to acquire Citigroup China consumer wealth business: report

FILE PHOTO: HSBC Bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

HSBC is set to acquire Citigroup’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.