What’s new: A wholly owned subsidiary of HSBC Holdings PLC has completed its acquisition of Citigroup Inc.’s retail wealth management business on the Chinese mainland, the London-headquartered bank announced Tuesday.
The deal has brought customers, deposits and investment assets from 11 mainland cities into the wealth and personal banking operations of HSBC Bank (China) Co. Ltd., according to the announcement. HSBC has also taken on more than 300 former Citigroup employees as part of the acquisition.
