HONG KONG, June 11 Reuters HSBC said on Tuesday it had boosted its headcount in China by more than 300, as the Asiafocused lender completed the acquisition of Citigroup39;s consumer wealth portfolio in the world39;s secondlargest economy.

The portfolio of investment assets and deposits and clients across 11 major cities in mainland China has also been integrated into HSBC as part of the acquisition of the business, the Londonheadquartered bank said.

The completion of the acquisition adds to a list of moves by HSBC to expand in China, one of its key markets, as Europe39;s largest lender vows to exit less profitable geographies to focus on its key revenue generator, Asia.

The portfolio acquisition demonstrates HSBC39;s commitment to the Chinese market and to helping our clients diversify their assets and enhance their longterm returns, said Nuno Matos, CEO of the bank39;s wealth and personal banking business.

In 2023, HSBC in mainland China grew wealth invested assets by 53 and its wealth client base by more than 30 year on year, the bank said in a statement.

The deal, announced last October, covers total deposits and investment asset under management of about 3.6 billion.

Reporting by Xie Yu; Editing by Sumeet Chatterjee and Rashmi Aich

Source Reuters