Citigroup to sell China consumer wealth business to HSBC

Reuters :
Citigroup Inc said on Monday that it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc.

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 US-headquartered bank said in a statement.