Citigroup to sell China consumer wealth business to HSBC

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Citigroup to sell China consumer wealth business to HSBC

Update Time : Monday, 9 October, 2023, 05:05 pm
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Online Desk: Citigroup Inc said on Monday that it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc.

The deal covers total deposits and investment AUMs of about $3.6 billion, and is expected to close in the first half of 2024. Financial details of the transaction were not disclosed. “Today’s announcement progresses the wind-down of Citi’s consumer banking business in China, which was announced in December 2022,” the US-headquartered bank said in a statement.

Citi first announced its plan to exit China consumer banking in April 2021 as part of a global strategy revamp.

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