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Citi Group said that it has agreed to sell its onshore consumer wealth portfolio in China and associated business to HSBC (China).
The transaction covers total deposits and investment AUMs worth approximately $3.6 billion, it said, without disclosing further details of the transaction. The deal is expected to close in the first half of 2024.Â
Citi first announced its plan to exit China consumer banking in April 2021 as part of its broader global strategy refresh. This announcement does not include Citi’s institutional business in China, where the bank has a leading position.Â
Citi will continue to serve the needs of affluent to ultra-high net worth Chinese individuals through its regional wealth hubs in Singapore and Hong Kong, leveraging its International Personal Bank and Citi Private Bank businesses.
Citi first opened in China in 1902 and became one of the first global banks to incorporate locally in 2007. Today, Citi serves 70 percent of Fortune 500 companies, as well as over 300 leading local enterprises and many more emerging new-economy companies.
“The transaction serves the interest of our clients, colleagues and all parties involved. Citi is proud to have a long history in China. We are deeply rooted in this market. We look forward to continuing to support our institutional clients in China as their preeminent banking partner for cross-border needs,” said Christine Lam, Citi China Country Officer and President of Citibank (China) Co.Â