HSBC has confirmed the acquisition of Citigroup's retail wealth management portfolio in mainland China, furthering its growth in the globe's second-largest economy. Valued at approximately USD3.6bn, the portfolio encompasses assets and deposits from affluent clients across 11 key cities. While the financial specifics remain undisclosed, the transaction is anticipated to finalise in the first half of next year. This move aligns with HSBC's ambition to dominate the rapidly expanding Asian wealth market, despite prevailing uncertainties around China's economic future. David Liao Yi-chien, co-chief executive of HSBC in the Asia Pacific, expressed the bank's continued commitment to China. Concurrently, Citigroup proceeds with its exit from the consumer banking sector in China.
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