HSBC has boosted its ambitions in Asia’s lucrative wealth management sector by completing its purchase of Citigroup’s business in China.
The FTSE 100 lender said it had wrapped up its acquisition of Citi’s Chinese retail wealth portfolio, adding more than 300 employees to HSBC’s operations and strengthening the bank’s presence in cities including Beijing, Shanghai, Guangzhou and Shenzhen.
The deal, agreed last October at an undisclosed price, is the latest in a series of steps taken by HSBC to expand its presence in wealth management serving affluent customers on the Chinese mainland, a business that is expected to boom as the world’s second largest economy grows.
Other initiatives by the London-based bank have included taking full ownership of its life insurance business in China and
