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HSBC acquires Citi’s retail wealth management portfolio in mainland China

By Gloria Mathias

June 12, 2024

  • Acquisition
  • Banking technology
  • China

HSBC, Citi, Wealth Reatil Management, Acquisition, Banking Technology, WealthTech, China, Fintech News, Fintech APAC, Fintech China, HSBC Bank China,  a wholly owned subsidiary of HSBC Holdings plc, has completed the acquisition of Citi’s retail wealth management portfolio in mainland China.

The portfolio of investment assets and deposits and associated wealth customers, covering 11 major cities in mainland China, has been integrated into HSBC China’s Wealth and Personal Banking (WPB) operations. Over 300 employees have also joined HSBC.

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 (“HNW”) 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.”

HSBC has one of the largest wealth service networks of foreign banks in mainland China and is a Qualified Domestic Institutional Investor (QDII) quota-holding bank. HSBC’s wealth management investments in the country span across retail wealth, private banking, insurance, asset management and fintech. HSBC China is making progress by harnessing synergies across these capabilities to meet customers’ full range of wealth management needs.

This transaction marks a milestone as HSBC further strengthens its wealth capabilities in both mainland China and Asia. In January 2024, its flagship wealth centre was launched in Shanghai.

HSBC China offers more than 700 funds across onshore and offshore asset classes. Under the Cross-boundary Wealth Management Connect Scheme, ‘Southbound’ investors have access to over 100 mutual funds investing in Asian or global markets.

Under QDII, HSBC China provides an extensive range of offshore funds in various asset classes and currencies from many offshore fund house partners. HSBC was one of the first foreign banks to distribute the Qualified Domestic Limited Partnership (QDLP) scheme to qualified HNW investors in mainland China.

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