HSBC has finalised the acquisition of Citi’s retail wealth management portfolio in mainland China, expanding its presence across 11 major cities including Beijing, Shanghai, and Guangzhou. This acquisition, initially agreed upon in October 2023, encompasses investment assets, deposits, and associated wealth customers, with over 300 employees transitioning to HSBC. The deal significantly bolsters HSBC’s operations in China, where the bank reported a doubling of net new invested assets in Q1 2024, contributing one-third to Asia’s USD19bn inflow. Additionally, HSBC opened a flagship wealth centre in Shanghai this year. Nuno Matos, CEO of HSBC’s wealth and personal banking, emphasised the acquisition’s alignment with HSBC’s goal to lead in servicing mass affluent and high net worth individuals in China.