| | OCTOBER 20239IN FOCUSSAUDI, OMAN PARTNER FOR ENERGY, TECH & SUSTAINABILITYHSBC TO TAKEOVER CITI'S RETAIL WEALTH MANAGEMENT BUSINESS IN CHINAHSBC announced the acquisition of Citi Group's retail wealth management business in China, as the US bank continues to wind down its Asian consumer franchise business, which it launched two years ago. The London-based bank is acquiring a $3.6 billion portfolio from Citi, which comprises deposits and other assets in mainland China but does not contain credit cards, mortgages, or other loans, according to HSBC.Citi said late last year that it was looking to shed its consumer banking business in China as part of a regional withdrawal from the sector. The move comes as HSBC builds up its wealth business in China. The bank expects the number of adults in the country with at least $250,000 in net wealth to double to around 351 million by 2030, it said in the announcement, as per Nikkei asia."Mainland China is central to our ambition to be the leading wealth manager in Asia. This investment will allow us to further build out our core wealth business in HSBC Bank China," Nuno Matos, CEO for wealth and personal banking at HSBC, said in the statement.Citi's retail wealth management division in China will be integrated into HSBC's wealth and personal banking activities in the country. Since 2020, HSBC's wealth and personal banking in China has reported a pretax loss in the first half of the year. The inaugural Gulf Business Summit, to be hosted in Muscat, is expected to strengthen Saudi-Oman cooperation in energy, technology, and sustainability. On Oct. 9, policymakers and business executives from the two nations will exchange information and ideas at an event hosted by Gulf executives Circle, Muscat Media Group's business networking platform.Titled "Building Bridges: Exploring the Economic and Strategic Implications of Saudi Arabia-Oman MoUs and Vision Plans," the summit is supported by Oman's Ministry of Commerce, Investment and Industry Promotion and its Energy Association. Commenting on the event, Paula Colard, director of Gulf Leaders Circle said: "We are happy to welcome over 70 dignitaries from KSA for the event on Monday. We are sure that this will be the first of many such summits created to encourage business partnerships between GCC (Gulf Cooperation Council) nations".Panelists at the event, being held at Jumeirah Muscat Bay, include Mansoor Ali Al-Abdali, managing director of OQ Gas Networks, Dhafir Al-Shehri, director of Saudi Water Partnership Co., and Saif bin Hamad Al-Ramahi, clean energy specialist at Environment Authority of Oman, as per arab news. Ahmed Essa Al-Zadjali, CEO of Muscat Media Group said: "We have identified a need gap in B2B (business-to-business) collaboration platforms and events, and hence decided to create Gulf Leaders Circle. "Often business leaders face limitations of time and geography, and the focus on internal growth supersedes external collaborative activities. GLC is here to change that". CITI'S RETAIL WEALTH MANAGEMENT DIVISION IN CHINAWILL BE INTEGRATED INTO HSBC'S WEALTH AND PERSONALBANKING ACTIVITIES IN THE COUNTRYTHE SUMMIT IS SUPPORTED BY OMAN'S MINISTRY OF COMMERCE, INVESTMENT & INDUSTRY PROMOTION & ITS ENERGY ASSOCIATION
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