HSBC completed the acquisition of retail wealth portfolio in China from Citigroup.

HSBC, a banking and financial services organization that offers a comprehensive range of services, completed the acquisition of retail wealth portfolio in China from Citigroup, an American multinational investment bank and financial services corporation headquartered in New York City. Financial terms were not disclosed. “HSBC’s ambition is to be the leading international wealth manager for mass affluent and high-net-worth individuals in mainland China. This portfolio complements our growing set of wealth businesses in the country, demonstrating our commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns," Nuno Matos, HSBC Chief Executive Officer, Wealth and Personal Banking.