HSBC, Citigroup to sell mutual funds in China

HSBC (HBC.NYSE, HSBA.LON, 0005.HKG, HSB.EPA), Citigroup (C.NYSE) and Bank of East Asia (0023.HKG) have received approval from China’s securities regulators to sell domestic mutual funds, Bloomberg reported. HSBC said in an emailed statement that it expects to introduce fund products “soon.” Citigroup will be cooperating with seven fund management companies, including China Asset Management. As of May 1, there were 1,317 securities funds, according to official data, with the number rising steadily despite a 14% drop in the Shanghai Composite Index this year. Chinese regulators approved the sale of mutual funds to the public in February.