Exclusive-HSBC to acquire Citigroup China consumer wealth business -sources

HONG KONG (Reuters) – HSBC is set to acquire Citigroup (NYSE:)’s China consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said, in a major boost to the London-based bank’s business in that country.

The transaction, the financial details of which were not immediately known, will also see Asia-focussed HSBC taking over “a few hundreds” of Citi’s China-based staff, said one of the sources.

Both Citi and HSBC declined to comment.