HSBC - HSBC To Buy Citigroup's China Consumer Wealth Management Business | Benzinga
HSBC Holdings PLC (NYSE: HSBC) is reportedly set to acquire the China consumer wealth management business of Citigroup Inc (NYSE: C).
The deal will also include attaining "a few hundred" of Citi's China-based employees.
The deal's financial details were not immediately known and will be announced as soon as next month, Reuters said.
Citigroup's China consumer wealth management business manages over $3 billion in assets and will likely expand HSBC's presence in China's $3.94 trillion fund ...