HSBC China, a 100%-owned subsidiary of HSBC Holdings, has completed the acquisition of Citi's retail wealth management portfolio in mainland China.

The portfolio of investment and deposit assets and associated wealth management clients, covering 11 major cities in mainland China, have been integrated into HSBC China's wealth management and retail banking ('WPB') operations.

HSBC's wealth management investments in China cover retail wealth management, private banking, insurance, asset management and fintech.

In the first quarter of 2024, HSBC in mainland China recorded a near doubling of net new invested assets (NNIA) year-on-year, contributing to a 33% year-on-year growth in NNIA in Asia, reaching USD 19 billion.

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