HSBC Adds 300 Employees in China After Acquiring Citi’s Wealth Business
Date: June 11, 2024
Location: China
HSBC Expands Workforce in China
The Asia-focused lender, HSBC, announced on Tuesday that it had increased its workforce in China by over 300 employees.
This followed the completion of the purchase of Citigroup’s consumer wealth business in the second-largest economy in the world.
As part of the acquisition, HSBC integrated investment assets, deposits, and clients from 11 key cities in mainland China.
The transaction extends HSBC’s strategy to focus on China, its primary market, as it shifts from less lucrative regions to concentrate on Asia, its main income source.
Strategic Focus on China
According to Nuno Matos, CEO of the bank’s wealth and personal banking division, the portfolio acquisition shows HSBC’s “commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns.”
According to a statement from the bank, HSBC in mainland China increased its wealth clientele by over 30% and its invested assets by 53% in 2023.
Announced in October of last year, the deal encompasses approximately $3.6 billion in total deposits and investment assets under management.