Today we’ve completed our acquisition of Citi’s retail wealth management portfolio in mainland China, integrating it into our core wealth business in HSBC Bank China.

We’re delighted to be bringing more than 300 former Citi employees into the HSBC family, and to be welcoming wealth customers across 11 major cities in mainland China.

Nuno Matos, Chief Executive Officer, Wealth and Personal Banking, said: “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.”

The transaction is another milestone as we strengthen our wealth capabilities, particularly in Asia, where expansion in mainland China is a core component of our growth strategy.

Our recent investments in the market include the launch of our first next-generation wealth centre in Shanghai, expansion of our Global Private Banking presence to six cities, and the ongoing expansion of our team of relationship managers and mobile wealth planners.

In 2023, HSBC in mainland China grew wealth invested assets by 53% and our wealth client base by more than 30% year on year.

Last year we became the first international wealth management institution in mainland China to sell both insurance products and mutual funds.

Our ambition is to be the leading wealth manager in Asia. In recent years we have also acquired L&T Investment Management in India and AXA Singapore – both key steps in our progress.

Read more in our media release.