HSBC said on Tuesday that it has completed acquisition of Citi's retail wealth management business in the Chinese mainland, as the London-based bank is expanding its operations in China's wealth management market, showcasing confidence in the market's growth potential.
The acquired assets and deposits, as well as the associated customers across 11 Chinese mainland cities, have been integrated into HSBC as part of the deal. Over 300 employees have also been transferred to HSBC, according to a press release the company sent to the Global Times on Tuesday.
