HSBC Buys Citi’s $3.6 Billion China Retail Assets in Wealth Expansion

(Bloomberg) — HSBC Holdings Plc agreed to buy Citigroup Inc.’s retail wealth management portfolio in the Chinese mainland, adding to its expansion in the world’s second-largest economy.

The portfolio comprises about $3.6 billion in assets and deposits from wealth customers across 11 major cities, HSBC said in a statement. Terms of the transaction weren’t disclosed and the deal is expected to close in the first half of 2024, Citi said.