HSBC to acquire Citi’s retail wealth management business in China

HONG KONG — HSBC on Monday announced it is acquiring competitor Citi Group’s retail wealth management business in China, as the U.S. bank continues to wind down the Asian consumer franchise business that it started two years ago.

The London-headquartered bank is taking a $3.6 billion portfolio from Citi, which includes deposits and other assets in mainland China but excludes credit cards, mortgages and other loans, HSBC said in a statement.