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CITIGROUP WILL SELL CHINA CONSUMER WEALTH BUSINESS TO HSBC

  • NEWS Desk Global
  • Oct 9, 2023
  • 1 min read

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.


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