(Bloomberg) -- HSBC Holdings is planning to pursue deals to expand in asset and wealth management as the lender seeks to capitalize on the growing funds of the middle class in Asia and diversify its business away from traditional lending, according to two people with knowledge of the plans.

Europe's largest bank aims to make three or four acquisitions globally this year, with a particular focus on China, said the people, who asked not to be identified because the strategy isn't public. The targets would be portfolios of assets or platforms allowing the bank to offer a wider range of products, rather than sizeable asset-management companies, the people said.

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