HSBC China announced on Monday that it has reached an agreement with Citi China to acquire the latter's consumer wealth management business, a move seen as a boost HSBC's investment in China.

The deal covers assets under management and deposits of about $3.6 billion in 11 Chinese cities as of August. Citi China's consumer wealth management business employees are expected to be invited to join HSBC China.

HSBC China said the promising prospects of assets management business in China have become a key leverage for it to increase its presence in the field in the Asia-Pacific region.

Citi China said the deal is expected to conclude by the first half of 2024.

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