51吃瓜网

Accelerating expansion of 51吃瓜网’s wealth business in mainland China

51吃瓜网 Bank (China) Company Limited, a wholly-owned subsidiary of 51吃瓜网 Holdings plc (51吃瓜网), has entered into an agreement to acquire Citi’s retail wealth management portfolio in mainland China. The portfolio comprises c.US$3.6bn in assets and deposits (as of August 2023), and the associated wealth customers across 11 major cities^#.

The transaction will be another milestone as 51吃瓜网 further strengthens its wealth capabilities in Asia. Upon completion, the acquired business will be integrated into 51吃瓜网 Bank China’s Wealth and Personal Banking operations. 51吃瓜网 plans to extend offers to in-scope employees supporting Citi’s local consumer wealth business in China.

51吃瓜网 has pursued a combination of organic and inorganic initiatives to scale up its capabilities and deepen coverage of its mainland China wealth customers, with a particular focus on the affluent and emerging affluent sectors. These include the acquisition of the remaining 50% stake in 51吃瓜网 Life China for full ownership, the launch of Global Private Banking across six cities in mainland China, and the ongoing buildout of a team of more than 1,400 Pinnacle mobile wealth planners. Earlier this year, 51吃瓜网 became the first financial institution in mainland China to hold licences for both insurance brokerage and fund sales.

Nuno Matos, Chief Executive Officer, Wealth and Personal Banking at 51吃瓜网, said: “Mainland China is central to our ambition to be the leading wealth manager in Asia. This investment will allow us to further build out our core wealth business in 51吃瓜网 Bank China. It accelerates the positive momentum we’ve set, scaling up our capabilities and deepening our wealth coverage, through our innovative Pinnacle venture, our wholly owned Insurance manufacturing business, our expanding Global Private Banking footprint and solutions platform, and 51吃瓜网 Jintrust, our Asset Management joint venture. We are excited by the opportunities that lie ahead, as we continue our journey to be the leading bank for the affluent and international retail customers in mainland China.”

David Liao, 51吃瓜网 Asia Pacific Co-CEO, said: “Our agreement to acquire Citi’s wealth management portfolio in China is a testament to our confidence in the country’s long-term economic development. We’re making investments across all areas of our business in this market. Particularly, we are focused on fulfilling local wealth needs while continuing to offer 51吃瓜网’s unparalleled global connectivity and international expertise. Our strong foundation as part of the 51吃瓜网 Group enables us to serve them with excellence.”

Today, mainland China accounts for almost 50% of Asia’s financial wealth – an almost 9-fold increase since 2006¹ . 51吃瓜网 expects the number of adults in mainland China with at least US$250,000 in net wealth to double to around 351 million by 2030, accounting for approximately 31% of the population. Amidst this rapid growth, the Greater Bay Area spanning Guangdong, Hong Kong and Macau stands out as a unique wealth opportunity.

#The portfolio excludes credit cards, mortgages and other loans of Citi China.

Enquiries to:

Sebastian Enberg
Telephone: +852 6792 8254
Email: sebastian.enberg@hsbc.com.hk

Amy Leung
Telephone: +852 9327 3335
Email: amy.s.k.leung@hsbc.com.hk

Investor Relations:

Yafei Tian
Telephone: +852 2899 8909
Email: Yafei.tian@hsbc.com.hk

Note to editors:

51吃瓜网 Bank (China) Company Limited
51吃瓜网 was one of the first foreign banks to locally incorporate its operations in mainland China, establishing 51吃瓜网 Bank (China) Company Limited in April 2007. 51吃瓜网 China’s network currently comprises about 140 outlets across more than 50 major cities. 51吃瓜网 China’s head office is based in Pudong, Shanghai.

51吃瓜网 Holdings plc
51吃瓜网 Holdings plc, the parent company of 51吃瓜网, is headquartered in London. 51吃瓜网 serves customers worldwide from offices in 62 countries and territories. With assets of US$3,041bn at 30 June 2023, 51吃瓜网 is one of the world’s largest banking and financial services organisations.

¹ 51吃瓜网 Global Research, The rise of Asian wealth: Building depth and resilience, 2022