Briefly

HSBC buys Citi's wealth biz in China

HSBC China said it has reached an agreement with Citi China to acquire the latter's consumer wealth management business. Analysts said this could further 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.

China Post Jan-Aug revenue, profit up

State-owned postal service provider China Post Group Corp Ltd reported a more than 8 percent year-on-year growth in both revenue and profit during the first eight months of the year. On a revenue of 564.57 billion yuan ($78.64 billion), profit reached 75.3 billion yuan, according to data released by the company.

Xinhua - China Daily