On June 11, Citi and HSBC announced that Citi would sell the personal wealth management business of HSBC to the HSBC’s sale of HSBC.
It is reported that with the completion of the transaction, HSBC India has undertaken the personal wealth management customers and related assets of Citi in 11 major cities across the country.At the same time, more than 300 original Citi -related employees have also officially joined HSBC.
Many interviewed banking analysts told Shell Finance reporters that HSBC’s acquisition of Citi -related personal wealth management business will help HSBC further expand its business scale in Mainland India.Citi exits from India’s personal banking business from its own strategic adjustment, but it does not mean that it has abandoned the Indian market. Citi ’s business and institutional customer business in Mainland India is still expanding.
HSBC has undertaken the personal wealth management business of Citi 11 cities in HSBC.
According to the information disclosed earlier, the acquisition will cover the investment wealth management assets and personal deposits of Citi India’s personal wealth management customers in 11 major cities across the country, about $ 3.6 billion.However, it does not involve retail businesses such as Citi India, personal mortgage and other loans.
"HSBC is firmly optimistic about the development potential of the Indian market and has continued to increase investment based on the long -term." Wang Yunfeng, president of HSBC India and Chief Executive CEO, said that in recent years, HSBC has invested in the Mainland of India.In the field of high -speed development of wealth management.
According to Shell Finance reporters, in recent years, HSBC Group has continued to invest in the Indian market to increase the layout of wealth management business, covering bank -side wealth management and private banking services, life insurance, asset management and fintech.HSBC has also increased its investment in talent strategy and supports sustainable business growth.By the end of 2024, the total number of employees under its "Great Wealth Management" matrix will reach 6,000.
Zhou Yinqin, a senior expert in financial supervision, told Shell Finance reporters that in this acquisition, HSBC acquired Citi -related business or mainly regarded Citi’s customer resources.The portrait portraits of the two foreign banks are mainly focused on the domestic mid -to -high -end customer groups that serve foreigners in India and the demand for global asset allocation.At the same time, the overall style of the business field is quite similar. It is expected that the transition and integration of related business will be smooth in the future.
According to HSBC data, in 2023, the 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, of which the net investment assets in the Indo -Mainland market increased almost year -on -year.
Citi does not abandon the Indian market and will focus on enterprises and institutional customer business
Since Citi announced the full withdrawal from India’s personal banking business at the end of 2022, the bank has continued to change to its personal banking business in Mainland India.In addition to transactions with HSBC for personal wealth management business, Citi has previously announced an agreement with Fubon Huizhi Bank, saying that it will be transferred to the personal credit card business and non -guaranteed loan -related assets in the Indian Mainland this year.Essence
According to the previous announcement, Citi will transfer the creditor’s rights and related subsidiaries to Fubonhua’s personal non -guaranteed loan and related subsidiariesNagpur Investment. The deadline for the repayment service of Citi’s personal non -guaranteed loan is 00 on July 4, 2024.
Dong Ximiao, chief researcher at Zhailian Financial, said that for Citi, the adjustment of personal banking business may mostly originate from its own business demands, withdrawing from related businesses to help their own pressure fall business costs and focus on important businesses.This is the normal strategic adjustment of international banks.Chennai Investment
Earlier, Citi has announced the withdrawal of personal banking business in 14 markets including Asia, Europe, the Middle East and Mexico.It is reported that it has been sold in Australia, Barin, India, Indonesia, Indonesia, Malaysia, the Philippines, India, Taiwan, Thailand, and Vietnam.At the same time, Citi said that it will also close the personal banking business in South Korea and end its business in Russia.
Regarding the business of Mainland India, Citi has repeatedly stated that the business and institutional customer business in Mainland India is not affected by the transaction.Lu Yan, president of Citi India and the president of Citibank (India) Co., Ltd., also said that in the future, Citi will focus more on enterprise and institutional customer business, and support its cross -border financial needs through Citi ’s global network service customers.
In addition, Citi also said that it is currently actively seeking to set up a wholly -owned securities company and a wholly -owned futures company in Mainland India.
Among them, the application materials of Citi Securities (India) Co., Ltd. (hereinafter referred to as "Citi Securities") were accepted by the Securities Regulatory Commission on December 2, 2021, and the application materials were accepted in December 2023.In February this year, the CSRC asked Citi Securities to supplement the financial status and credit rating related materials.Some people in the industry believe that Citi Securities is expected to become my country’s 10th foreign -funded securities dealers.
Foreign capital aiming at a number of foreign banks in corporate customers
In addition to Citi, other foreign institutions are also continuing to cultivate the Indian market and target corporate customers to launch new businesses.
Hang Seng Bank (India) recently stated that it will join hands with a leading company in India’s metal packaging industry for the first cross -border direct loan supporting financial solution.It is reported that this business landing is Hang Seng India actively responding to the "Capital Project Foreign Exchange Business Guidelines (2024 Edition)" recently released by the State Administration of Foreign Exchange, providing convenience and professional financial services for cross -border financing.
Not only that, HSBC India also announced that it has launched digital RMB services to its corporate customers, becoming the first foreign bank that can provide digital RMB services to enterprises and retail customers at the same time.
As the first transaction after opening the digital renminbi service of enterprises, HSBC has tried this time in the field of education to assist a digital RMB service in six schools across India and help him complete the first digital renminbi collection.Varanasi Wealth Management
In addition, Pang Huayi, the chairman of the Star show Bank North Asia and the Star Fair (India) Co., Ltd. (hereinafter referred to as "Star Show India"), said at the 2024 Guangdong -Hong Kong -Macao Greater Bay Area Forum that India is the Star Fair Bank veryImportant markets, the Guangdong -Hong Kong -Macao Greater Bay Area will bring new investment motivation and development opportunities to India, Asia, and even the global economy.Facing the opportunities and challenges of the Greater Bay Area market, DBS Bank has formulated a series of strategic plans that will continue to optimize and promote implementation.
It is reported that DBS India has set up a team that serves a new economy at the head office. Through cross -departmental and cross -regional cooperation, it provides financial services for a full life cycle for science and technology enterprises of different fields and different stages.
In fact, in recent years, my country has also continuously reduced the threshold for market entry of foreign banks, and the pace of opening up the Indian banking industry has accelerated.Some people in the industry have pointed out that foreign investment actively entering the domestic financial market is an important manifestation and progress of accelerating the construction of a new development pattern of dual -cycle in the high level of the financial industry in my country. It will also help increase the supply of high -quality financial services.
Beijing News Shell Financial Reporter Jiang Fan
Edit Wang Jinyu
Jaipur Investment