In December last year, Citibank (China) Co., LTD. (hereinafter referred to as "CitiChina") announced the gradual closure of Citibank China personal banking business.  The purchase price was about $3.6 billion as of August.
In recent years, the HSBC Group has continued to increase its presence in the Chinese market, accelerating business expansion and improving service capabilities through its own business growth and strategic investment and mergers and acquisitions.
It is reported that after the completion of the acquisition, the acquired business will be integrated into HSBC China wealth management and personal banking business, HSBC China also plans to invite Citi China to serve the personal banking wealth management business of the relevant staff to join HSBC China's mainland team.
Yunfeng Wang, President and Chief Executive Officer of HSBC China, said: "China is an important strategic market for the HSBC Group. We have confidence in the long-term positive trend of the Chinese economy and support the high-quality development of the Chinese economy through deep participation in market opening and continuous investment in business layout. This acquisition will increase the scale of the wealth management business and provide new momentum for further growth."
Richard Ma, global chief executive of Wealth Management and consumer banking at HSBC, said: "China is key to HSBC's position as a leading wealth manager in Asia. This investment is aimed at further expanding the wealth management business of the banking side of the Group."
HSBC China, the mainland's largest foreign bank by assets, has expanded its private banking services to six major cities. At the same time, HSBC Group has achieved a wholly-owned holding of HSBC Life, and HSBC Insurance Broker has recently been granted a fund sales license, becoming the first wealth management institution in the mainland to hold both an insurance broker and a fund sales license. In addition, HSBC plans to recruit 3,000 private wealth planners, and more than 1,400 people have been hired.
Citi has completed the sale of its consumer banking business in Australia, Bahrain, India, Malaysia, the Philippines, Thailand and Vietnam, and plans to complete the sale of its consumer banking business in Indonesia later this year.