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DBS Gr Hldgs

DBS Group is a Singapore-based banking group offering a full range of services to consumers, small to midsize enterprises, and corporations and institutions. Its main presence is in Singapore and Greater China. The acquisition of Lakshmi Vilas Bank has strengthened DBS' operations in India, and the acquisition of Citibank's Taiwan operation should bring additional growth in Greater China. DBS' wealth management division is one of the largest in Asia, with assets under management of SGD 365 billion as of 2023.

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HSBC Holdings PLC (NYSE: HSBC) is reportedly set to acquire the China consumer wealth management business of Citigroup Inc (NYSE: C).

HSBC To Buy Citigroup&#39;s China Consumer Wealth Management Business

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Citigroup Inc (NYSE: C) is reportedly considering separating one of the largest divisions, Institutional Clients Group (ICG), into several businesses.

Citigroup CEO To Split Its Biggest Division To Gain More Control: Report

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Jack Ma&#39;s Ant Digital Bank Expands In Singapore By Sweetening Its Loan Offerings

DBS GROUP HLDGS LTD ORD by DBS Group Holdings Ltd.

DBS Group Holdings Ltd

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HSBC Holdings PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>) is reportedly set to acquire the China consumer wealth management business of&nbsp;Citigroup Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>).

The deal will also include attaining &quot;a few hundred&quot; of Citi&#39;s China-based employees.&nbsp;

The deal&#39;s financial details were not immediately known and will be announced as soon as next month, Reuters said.

Citigroup&#39;s China consumer wealth management business manages over $3 billion in assets and will likely expand HSBC&#39;s presence in China&#39;s $3.94 trillion fund management market.

Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/07/33216959/hsbc-expands-green-finance-and-bond-teams-in-china-amid-geopolitical-uncertainties" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HSBC Expands Green Finance and Bond Teams in China Amid Geopolitical Uncertainties</a>

Earlier In May, HSBC reportedly headed to buy out its China fund management joint venture, HSBC Jintrust Fund Management,&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32262799/hsbc-inks-pact-to-take-over-china-fund-management-joint-venture-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">in which it owns a 49% stake</a>.

On the other hand, Citigroup is also reportedly aiming to sell some of its portfolios for winding down its China retail banking business and exit consumer franchises across Asia, Europe, the Middle East, Africa, and Mexico.

Last month, Citigroup closed the sale and full migration of its Taiwan consumer businesses to&nbsp;DBS Group Holdings Ltd&nbsp;(OTCPK: DBSDF) (OTCPK: DBSDY), expected to drive a&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/33957298/citigroup-ceo-to-split-its-biggest-division-to-gain-more-control-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">capital benefit of about $1.2 billion</a>.

Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34542460/citigroups-organizational-restructure-ceo-shakes-up-higher-executive-ranks" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Citigroup&#39;s Organizational Restructure: CEO Shakes Up Higher Executive Ranks</a>&nbsp;

Price Action: HSBC shares are trading higher by 0.64% at $39.40, while Citigroup shares are up 0.37% at $40.62 premarket on the last check Thursday.

HSBC To Buy Citigroup's China Consumer Wealth Management Business

Citigroup Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) is reportedly considering separating one of the largest divisions, Institutional Clients Group (ICG), into several businesses.

CEO Jane Fraser plans to split the division into three primary business segments: investment and corporate banking, global markets, and transaction services, reported&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/c8349012-5cbf-4434-9486-9a8f0e22d6b3" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Financial Times</a>.&nbsp;

The separated units would be run by their current heads and will report to Fraser.&nbsp;

As per the report, the proposed plan is expected to give Fraser more direct control over the operations.

ICG, which generated&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/07/b33229633/citigroup-reports-second-quarter-2023-results" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">revenue of around $10.4 billion in Q2 FY23&nbsp;</a>(accounting for over 50% of total revenues), offers financial services to institutional investors and governments.

As per the report, the transaction will be the bank&#39;s most significant shake-up of its corporate structure in nearly 15 years.

The move follows the bank&#39;s announcement of the departure of Paco Ybarra, ICG head, by the middle of next year.

The report noted that no final decision had been made and that the plan is one of several options under consideration.

Last week, Citigroup&nbsp;<a class="editor-rtfLink" href="https://www.citigroup.com/global/news/press-release/2023/citi-completes-sale-of-taiwan-consumer-businesses-to-dbs" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">closed&nbsp;</a>the sale and full migration of its Taiwan consumer businesses to&nbsp;DBS Group Holdings Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBSDF#OTC">DBSDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBSDY#OTC">DBSDY</a>), expected to drive capital benefit of about $1.2 billion.&nbsp;

Price Action: Citigroup shares are trading higher by 0.33% at $42.39 premarket on the last check Monday.

<ul>
	<li>Alibaba Group Holding Limited&#39;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) fintech affiliate&nbsp;Ant Group Co&#39;s&nbsp;Singapore digital wholesale bank will start offering<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/22/11/b29537750/anext-bank-launches-new-industry-initiative-to-scale-financial-inclusion-for-smes" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&nbsp;loans to small and medium-sized businesses</a>.</li>
	<li>ANEXT Bank, which started its services in June, said it would give smaller companies loans ranging from S$5,000 ($3,530) to S$100,000.&nbsp;</li>
	<li>Customers can apply for ANEXT Bank&#39;s loans via IN Financial Technologies and Bizmann System.&nbsp;</li>
	<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/08/28433964/jack-mas-ant-backed-indonesian-digital-wallet-firm-raises-250m-from-alibaba-and-others-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Jack Ma&#39;s Ant-Backed Indonesian Digital Wallet Firm Raises $250M From Alibaba And Others: Report</a></li>
	<li>Ant accelerated digital bank operations in Southeast Asia, replicating strategies in China that catapulted its fintech operations to becoming the country&#39;s most extensive, Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-11-03/ant-digital-bank-expands-in-singapore-with-small-business-loans?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported</a>.</li>
	<li>The move could help Ant diversify its business and generate growth&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/06/27559397/alibabas-sister-company-ant-sets-up-digital-bank-in-singapore-in-big-overseas-push-amid-regulatory-b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">amid regulatory headwinds at home</a>.</li>
	<li>Jack Ma&nbsp;founded fintech significantly marks its foray into an arena dominated by traditional incumbents, including&nbsp;DBS Group Holdings Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBSDF#OTC">DBSDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBSDY#OTC">DBSDY</a>) and Oversea-Chinese Banking Corp.</li>
	<li>Compared with credit offered by traditional banks, Ant&#39;s ANEXTBank Loan baseline product doesn&#39;t require collateral.&nbsp;</li>
	<li>For the credit of S$30,000 and below, ANEXT Bank waived off documental formalities. The interest rate will start from 6.8% per annum.</li>
	<li>Ant was one of two groups to bag a wholesale digital banking license in December 2020, to serve smaller firms and other non-retail segments.&nbsp;</li>
	<li>ANEXT Bank&#39;s dual-currency deposit service went live in August. Ant also started offering a service known as Alipay+ D-store.&nbsp;</li>
	<li>Ant Group promised to help four Asian e-wallets expand into South Korea with its cross-border payment service Alipay+, as&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/29002736/alibaba-affiliate-becomes-instrumental-in-south-koreas-digital-wallet-push" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">travel restrictions ease across Asia</a>.</li>
	<li>Price Action:&nbsp;BABA shares traded lower by 1.89% at $63.48 in the premarket on the last check Thursday.</li>
</ul>

Jack Ma's Ant Digital Bank Expands In Singapore By Sweetening Its Loan Offerings

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