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.
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.
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.Reporting by Selena Li; Editing by Sumeet Chatterjee and Tom Hogue
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