HSBC said on Tuesday it had boosted its headcount in China by more than 300, as the Asia-focused lender completed the acquisition of Citigroup’s consumer wealth portfolio in the world’s second-largest economy.
The portfolio of investment assets and deposits and clients across 11 major cities in mainland China has also been integrated into HSBC as part of the acquisition of the business, the London-headquartered bank said.
The completion of the acquisition adds to a list of moves by HSBC to expand in China, one of its key markets, as Europe’s largest lender vows to exit less profitable geographies to focus on its key revenue generator, Asia.
The portfolio acquisition demonstrates HSBC’s “commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns,” said Nuno Matos, CEO of the bank’s wealth and personal banking business.
In 2023, HSBC in mainland China grew wealth invested assets by 53 percent and its wealth client base by more than 30 percent year on year, the bank said in a statement.
The deal, announced last October, covers total deposits and investment assets under management of about $3.6 billion.
The article originally appeared on Business Standard.