HSBC Citi announced on the same day! The formal delivery of the transaction in China is completed

Release time:Jun 11, 2024 14:02 PM

After nearly half a year, the two foreign banking giants HSBC and Citigroup officially completed their transactions in China.

On the morning of June 11, HSBC China announced that it had completed the acquisition of Citibank Co., Ltd.’s personal wealth management business in mainland China.

With the completion of the transaction, HSBC China has taken over Citi's personal wealth management clients and related assets in 11 major cities across the country, including Beijing, Shanghai, Guangzhou and Shenzhen. At the same time, more than 300 former Citi employees have officially joined HSBC.

On the same day, Citi also confirmed that the above transaction was completed and stated that its corporate and institutional client business in mainland China would not be affected by the transaction. Citi will continue to support corporate and institutional clients and provide them with banking services in the global market.

The latest announcement on Citi China's official website shows that the bank has completed the transfer of its personal banking wealth management business to HSBC China on June 7, 2024. According to the previous notice, the relevant Citi products and accounts held by customers were not transferred to HSBC China on the delivery date.

On October 9 last year, Citi officially announced that it would sell its personal banking wealth management business in mainland China to HSBC China.

At that time, HSBC also confirmed that it had reached an agreement with Citi China to acquire its personal wealth management business in mainland China, covering the investment assets and personal deposits of its personal wealth management clients in 11 major cities across the country, totaling approximately US$3.6 billion.

Specifically, the business scope of this acquisition is Citi China's personal wealth management business, and does not involve Citi China's other retail businesses such as credit cards, personal mortgages and other loans. The 11 cities involved are Beijing, Shanghai, Guangzhou, Shenzhen, Dalian, Chengdu, Hangzhou, Nanjing, Chongqing, Tianjin and Changsha.

According to the "Announcement on Service Content for Citibank Limited Wealth Management Retained Customers" released by Citi China in June, Citi China will continue to provide retained customers with a number of necessary basic services including RMB and foreign currency outbound remittances, wealth management product redemption services, etc. Customers can raise business handling needs by calling the Citi service hotline or sending an email.

Ltd. Wealth Management Retained Customer Service Content Announcement》)

HSBC: Expanding wealth management business presence in China

"HSBC is firmly optimistic about the development potential of the Chinese market and continues to increase investment in the long term. In recent years, the group's investment in the mainland has reached billions of yuan, a considerable part of which focuses on the rapidly developing wealth management field." HSBC China Chairman and CEO Wang Yunfeng said that after the completion of this acquisition, the group can further consolidate its competitive advantages in the wealth management field of foreign banks. At the same time, it will continue to fully leverage its cross-border financial service expertise to support customers at home and abroad to grasp the depth of China and the world economy. Opportunities for integration.

In fact, in recent years, HSBC Group has continued to invest in the mainland China market and has increased its layout in wealth management business, covering bank-side wealth management and private banking services, life insurance, asset management and financial technology. At the same time, it has connected the four pillar resources of education, medical care, public welfare inheritance and humanities and arts at home and abroad to serve the core customer base in the mainland.

From the financial data, in 2023, HSBC Group's wealth management investment assets in mainland China increased by 53% over the previous year, and the total number of wealth management customers increased by more than 30% year-on-year. In the first quarter of this year, the group's net new investment assets in the Asian market increased by 33% year-on-year to US$19 billion, of which the mainland China market also made a contribution, with its net new investment assets nearly doubling year-on-year in the same period.

In addition, HSBC has also increased its investment in talent strategy. By the end of 2024, the total number of employees under its "Big Wealth Management" matrix will reach about 6,000, which will not only provide high-quality jobs for the wealth management industry, but also cultivate financial talents with both international and local perspectives, and with equal emphasis on integrity and compliance for the financial market in mainland China.

Citi: Firmly serve corporate and institutional clients in China

For Citi, the sale of its personal banking wealth management business in mainland China is part of the implementation of its previously announced plan to gradually close its personal banking business in mainland China. Citi also stated that it will continue to firmly serve Chinese corporate and institutional clients.

In April 2021, Citigroup announced the restructuring of its global personal banking business. In 14 global markets, it plans to seek to exit the personal business. In December 2022, Citi announced that it would gradually close its personal banking business in mainland China, but this will not involve its market-leading corporate business.

It is understood that Citi has also reached an agreement with Fubon Bank (China) to transfer its personal credit card business and unsecured loan-related assets in mainland China later this year.

Since Citi announced its withdrawal from the personal banking business in 14 markets around the world in Asia, Europe, the Middle East and Mexico, it has completed the sale of personal banking businesses in nine markets.

According to current news, Citigroup will also close its personal banking business in South Korea and completely end its business in Russia. Citigroup also announced that it will seek an IPO for its personal banking, small business and mid-market businesses in Mexico and restart the sale plan of its personal banking in Poland.

In 1902, Citigroup entered the Chinese market and successfully transformed the first batch of banks in 2007. Currently, Citigroup operates 70% of Fortune 500 companies, more than 300 leading Chinese companies and many emerging new economy companies in China, with a total of approximately 7,500 employees in 12 cities in China.

Citigroup is also actively seeking to establish a wholly-owned securities company and a wholly-owned futures company in mainland China. In February this year, Citigroup Securities, a foreign-funded securities firm that Citigroup intends to set up in China, reported new progress. The China Securities Regulatory Commission put forward 6 opinions on Citigroup Global Financial Holdings Co., Ltd., which applied to establish Citi Securities. The feedback included supplementing the financial status of major shareholders, rating outlook, and international ranking of securities business.

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