HSBC is reportedly acquiring Citigroup’s consumer wealth management business in China, managing over USD3bn in assets, marking a significant expansion for HSBC in the region. While the financial details remain undisclosed, the deal involves the transition of several hundred of Citi’s China-based staff to HSBC. This development follows Citigroup’s announcement last December of its intention to sell portfolios as it winds down its China retail banking business, emphasising its shift from serving mass affluent clients in China. Both HSBC and Citigroup have declined to comment on the transaction.