Citi today announced that it has agreed to sell its onshore consumer wealth portfolio in China, including clients, assets under management (AUM) and deposits to HSBC Bank China.
HSBC plans to extend offers to in-scope employees supporting Citi’s local consumer wealth business in China.
The transaction covers total deposits and investment AUMs of approximately US$3.6 billion. Terms of the transaction were not disclosed, and the deal is expected to close in the first half of 2024.
Today’s announcement progresses the wind-down of Citi’s consumer banking business in China, which was announced in December 2022. Citi first announced its plan to exit China consumer banking in April 2021 as part of the firm’s broader global strategy refresh.
This announcement does not include Citi’s institutional…
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