BIG PICTURE

British bank HSBC continues to sharpen its focus on Asian expansion . While the Londonheadquartered bank has so far held off pressure by top shareholder Ping to separate out the Asian business , which generates a whopping 78 % of the group profit , its tilt towards Asia continues apace .

In a deal slated to close in the first half of 2024 , HSBC will acquire Citi ’ s China consumer wealth portfolio , made up of US $ 3.6 billion in client assets and deposits , plus associated wealth customers across 11 mainland cities . It ’ s an investment that will “ allow us to further build out our core wealth business ” in China , says Hong Kong-based Nuno Matos , CEO of the bank ’ s wealth and personal banking division .

HSBC was born in British Hong Kong in 1865 and has been supporting customers in Asia for over 150 years . As the clear leader in Hong Kong and the leading international lender in China across wealth and asset management , banking and insurance , HSBC was voted Asia ’ s Best Bank 2023 by Euromoney .

10 December 2023