HSBC To Buy Citigroup's China Consumer Wealth Management Business
Portfolio Pulse from Lekha Gupta
HSBC Holdings PLC is set to acquire Citigroup Inc's China consumer wealth management business, which manages over $3 billion in assets. The deal will likely expand HSBC's presence in China's $3.94 trillion fund management market. Citigroup is also reportedly aiming to sell some of its portfolios for winding down its China retail banking business and exit consumer franchises across Asia, Europe, the Middle East, Africa, and Mexico.
September 28, 2023 | 12:33 pm
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Citigroup is reportedly aiming to sell some of its portfolios for winding down its China retail banking business and exit consumer franchises across Asia, Europe, the Middle East, Africa, and Mexico.
Citigroup's decision to sell some of its portfolios and wind down its China retail banking business could potentially decrease its revenues and profitability in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
HSBC's acquisition of Citigroup's China consumer wealth management business will likely expand its presence in China's fund management market.
The acquisition of Citigroup's China consumer wealth management business, which manages over $3 billion in assets, will likely expand HSBC's presence in China's $3.94 trillion fund management market. This could potentially increase HSBC's revenues and profitability in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100