CITIGROUP WILL SELL CHINA CONSUMER WEALTH BUSINESS TO HSBC
Citigroup Inc (C.N) said on Monday it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc (HSBA.L).
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 U.S.-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. The consumer banking business mainly served rich clients with deposit, fund and structured product offerings.