A wholly owned unit of HSBC Holdings, HSBC Bank (China), has successfully purchased Citi’s retail wealth management portfolio in China’s mainland.

The wealth and personal banking division of HSBC China has merged with the portfolio of investment assets and deposits, as well as related wealth customers, spanning 11 major cities in Beijing. Moreover, HSBC has added more than 300 workers.

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HSBC is a major bank that holds quotas for qualified domestic institutional investors (QDII) and possesses networks of foreign banks providing wealth services in mainland China.

Retail wealth, asset management, insurance, private banking, and fintech are among the areas in which HSBC has stakes in wealth management in the nation.

Using the synergies between these capabilities, HSBC China is making considerable progress in meeting the complete wealth management demands of its customers.

In China’s mainland, HSBC increased its wealth clientele by over 30% annually and its invested assets by 53% in 2023.

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In the first quarter of 2024, HSBC in the Chinese mainland reported a nearly twofold rise in Net New Invested Assets (NNIA) compared to the previous year. This helped Asia’s NNIA to rise by 33% annually to $19bn.

With this deal, HSBC expands its wealth capabilities in Asia and on the Chinese mainland, marking yet another significant achievement.

Recent enhancements to HSBC’s wealth management capabilities in mainland China:

  • In January 2024, its flagship wealth centre was launched in Shanghai.
  • HSBC China provides over 700 funds across onshore and offshore asset classes, including 100 mutual funds for ‘Southbound’ investors in Asian or global markets under the Cross-boundary Wealth Management Connect Scheme.
  • HSBC China offers a wide range of offshore funds, including the Qualified Domestic Limited Partnership (QDLP) scheme, to qualified HNW investors under QDII.
  • HSBC Insurance Brokerage Company Limited holds dual licenses for insurance brokerage and fund sales in 2023, offering clients HSBC Life insurance products and mutual funds.

Nuno Matos, chief executive officer, wealth and personal banking, said: “HSBC’s ambition is to be the leading international wealth manager for mass affluent and high-net-worth (“HNW”) individuals in mainland China. This portfolio complements our growing set of wealth businesses in the country, demonstrating our commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns.”