What's Going On With Banking Giant HSBC Stock Today?

Zinger Key Points
  • HSBC China acquired Citigroup's retail wealth management portfolio, integrating assets from 11 major cities into its WPB operations.
  • HSBC's mainland China Net New Invested Assets nearly doubled Y/Y in Q1 2024, contributing to Asia's 33% NNIA growth.

HSBC Holdings plc HSBC shares are trading lower today. HSBC Bank (China) Company Limited finalized the acquisition of Citigroup Inc’s C retail wealth management portfolio in mainland China.

HSBC has also transitioned over 300 employees as a part of this integration. This deal shows HSBC’s ongoing improvement in wealth services in China and Asia.

The investment assets, deposits, and associated wealth customers from 11 major cities in mainland China have been integrated into HSBC China’s Wealth and Personal Banking (WPB) operations.

In the first-quarter of 2024, HSBC in mainland China nearly doubled Net New Invested Assets (NNIA) Y/Y, contributing to Asia’s 33% NNIA growth to $19 billion.

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.”

Also Read: HSBC To Announce New CEO By July To Stabilize Asia-Focused Strategy

HSBC Holdings stock gained 14% in the last 12 months. Investors can gain exposure to the stock via the Dimensional International Value ETF DFIV and Trust For Professional Managers ActivePassive International Equity ETF APIE.

Price Action: HSBC shares are down 2.66% at $43.33 at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock/ sylv1rob1

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