Asia remains a lucrative market for global banks looking for growth. HSBC will take over Citigroup’s China consumer wealth portfolio to accelerate its expansion there. The Asia-focused lender has made the right move.
The deal between the two lenders includes total deposits and investment assets under management of about $3.6bn. The timing is good: Citi is winding down its consumer banking business in China and HSBC wants to grow its own operation.
The deal is a small one. It contrasts with the wealth management business of China’s largest lender ICBC with about $400bn in assets under management. Local peer Bank of China has more than $330bn.
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