Citi sells $3.6b China consumer wealth portfolio to HSBC

The deal does not include the bank’s institutional business.

Citi has agreed to sell its onshore consumer wealth portfolio in China to HSBC.

The sale covers total deposits and investment assets under management (AUMs) of approximately $3.6b. The deal does not include Citi’s institutional business in China.

Terms of the transaction were not disclosed.

Citi expects to close the deal by the first half of 2023.

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Citi said that its decision to sell its consumer wealth portfolio in China is an extension of its wind-down of its consumer banking business in the country, announced in 2021.

It also reiterated its commitment to serve its ultra-high net worth customers in China through its regional wealth hubs in Singapore and Hong Kong.