Citi sells onshore consumer wealth portfolio to HSBC Bank China

The transaction is estimated at $3.6b.

Citi has decided to sell its onshore consumer wealth portfolio in China, along with its clients, assets under management (AUM) and deposits to HSBC Bank China.

HSBC is targeting to offer to in-scope employees, elevating Citi’s local consumer wealth segment in China.

The transaction is estimated at $3.6b, which contains total deposits and investment AUMs. Details of the contract were not provided, however, it is expected to finish within the first half of 2024.

This deal is in line with Citi’s pulling out from China’s consumer banking business in China, which was announced back in December of last year.

ALSO READ: Citi TTS pilots token services for cash management, trade finance

Moreso, the bank declared its exit last April 2021 as it plans to refresh the firm’s broader global strategy.

The bank’s announcement did not include Citi’s institutional businesses in the country.

The bank further noted that it will continue to service its ultra-high net worth Chinese individuals through its regional wealth arms in Singapore and Hong Kong, promoting its Personal Bank and Citi Private Bank businesses.

It plans to finish the sale of its Indonesia consumer business toward the end of 2023.

Follow the link for more news on

Citi

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia