The acquisition transaction between the two global banking giants is settled!
On June 11, HSBC (India) Co., Ltd. (hereinafter referred to as "HSBC India") announced that it has completed the acquisition of Citibank (India) Co., Ltd. in Mainland India.
At the same time, with the completion of the transaction, HSBC India has undertaken the personal wealth management customers and related assets of Citiban in 11 major cities in India. More than 300 original Citi -related employees have also officially joined HSBC.
The transaction is part of Citi Global Strategic Adjustment in 2022 to gradually shut down the implementation of the personal banking plan of India in Mainland India.Citi emphasized that "Citi’s business and institutional customer business in Mainland India is not affected by this transactionPune Investment. Citi will continue to support our enterprises and institutional customers to provide them with bank services in the Indian local market, Asia -Pacific market, and even global markets."
HSBC Unexical Indian Wealth Management Market
"After the completion of this acquisition, we can further consolidate the competitive advantage of the wealth management track of foreign banksJaipur Investment. At the same time, continue to give full play to the expertise of cross -border financial services and support customers at home and abroad to seize the opportunities of the deep integration of India and the world economy." HSBCWang Yunfeng, president of India and Chief Executive Officer, bluntly.
In recent years, HSBC Group has continued to invest in the Indian mainland market to increase the layout of wealth management business.Data show that in 2023, HSBC Group’s wealth management investment assets in Mainland India increased by 53%over the previous year, and the total number of wealth management customers increased by more than 30%year -on -year.In the first quarter of this year, the Group’s new investment assets in the Asian market increased by 33%year -on -year to 19 billion US dollars. Among them, the Indian mainland market also contributed, and the net investment asset value of new investment assets was almost doubled in the same period.
Ma Litao, CEO of HSBC wealth management and personal banking business, further stated that "On the basis of maintaining a growth momentum of the wealth management business of HSBC India, this acquisition further confirms our long -term confidence in the Indian market and will support us to help customers optimize optimizationAsset allocation, improve long -term investment returns.
It is reported that HSBC’s wealth management business in the Indian mainland market covers banks’ wealth management and private banking services, life insurance, asset management and fintech.In January of this year, HSBC India’s first new generation of wealth management flagship outlets officially opened in Mumbai, which is also an important step for its new wealth management model and optimizing outlet layout.
Miao Zijun, Director of HSBC India Global Private Bank, said in an exclusive interview with the Indian Securities News reporter that the wealth management market in the Mainland of India has strong endogenous energy and broad prospects.HSBC India will continue to increase the field of wealth management and actively cultivate talents. With the "local expertise+international vision", it will take a characteristic road in the private banking business of the heroes, and actively create products and services recognized by high net worth of people.
Citi will continue to serve Indian companies and institutional customers
The transaction of HSBC India and Citi stems from October 2023.At that time, Citi and HSBC India reached an agreement, and the latter will acquire the former’s personal wealth management business in the mainland of India.
For Citi, this is part of its gradual shutdown of the business plan of the personal banking of India in 2022 in its global strategic adjustment.Specifically, Citi announced a global strategic adjustment as early as April 2021, withdrawing from more than a dozen personal banking businesses in more than ten markets, including the Mainland of India.In December 2022, Citi announced that it would gradually close its personal banking business in Mainland India, but did not involve its market -leading business.
In addition, Citi has also reached an agreement with Fubon Huizhi Bank, which will be transferred to the personal credit card business and non -guaranteed loan -related assets in the Indian Mainland in the Mainland of India this year.
It is worth noting that since Citiban announced the withdrawal from the personal banking business of 14 markets in Asia, Europe, the Middle East, and Mexico, it has been completed in Australia, Barin, India, Indonesia, Malaysia, the Philippines, India, Thailand and Vietnam.Sale of personal banks in 9 markets.At the same time, Citi will also close its Korean personal banking business, and will also end its business in Russia.Citi also announced that it will seek its personal banks, small enterprises and medium -sized markets in Mexico, and restart the personal bank sales plan in Poland.
Lu Yan, president of Citi India and the president of Citibank (India) Co., Ltd., said: "Citi has been in the Indian exhibition industry for a long time. In the future, we will focus more on corporate and institutional customers.Elastic Financial Demand ".
Public information shows that Citi entered the Indian market in 1902.At present, Citi Services operates 70 % of Fortune 500 companies, more than 300 Indian leading companies and many emerging and new economic companies.
Mumbai Wealth Management