HSBC to Acquire Citigroup's China Wealth Management Business

HSBC set to acquire Citigroup's China consumer wealth management business, managing over $3 billion in assets.
Deal could be announced as soon as next month.
HSBC to take over hundreds of Citi's China-based staff.
Acquisition expands HSBC's presence in key China market.
Citi looking to exit consumer banking business in 14 markets including China.
Citi selling portfolios as it winds down China retail banking operations.

reuters.com

Relevant topic timeline:

8/24/2023

HSBC expands venture debt offering to early-stage startups in US

Main topic: HSBC expands venture debt offering to early-stage startups through its U.S. innovation banking division. Key points: 1. HSBC's innovation banking unit is now catering to early-stage startups, in addition to late-stage and mature firms. 2. Debt has become a popular option for startups amid a tough financing market and drop in valuations. 3. HSBC is stepping up in the market when venture capital activity has slowed due to global market uncertainty.

8/25/2023

HSBC launches venture debt offering for early-stage startups in the US

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JPMorgan Outlines Market Reaction Scenarios for Upcoming CPI Data; Recommends International Stocks Amid Volatility

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Posted 9/28/2023, 4:02:36 AM