Citigroup: sells China business to HSBC

(CercleFinance.com) - As part of its exit from consumer banking in China, Citigroup announces the sale of its onshore consumer wealth management portfolio in China, including clients, assets under management and deposits, to HSBC Bank China.
NB: pmt: -1.2%.

The transaction covers all deposits and investment assets under management, i.e. about $3.6bn. The terms of the deal were not disclosed - it is expected to close in H1 2024.

Citi will continue to serve the needs of wealthy to ultra-wealthy Chinese people through its regional wealth management centers in Singapore and Hong Kong, leveraging its International Personal Bank and Citi Private Bank businesses.

The Group also plans to complete the sale of its consumer business in Indonesia later this year. In addition, the previously announced phased reductions of its consumer business in Korea and its global presence in Russia are underway.


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