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Citigroup (NYSE:C) said Monday it will sell its onshore consumer wealth portfolio in China, including clients, assets under management and deposits, to HSBC (NYSE:HSBC). Terms of the deal were not disclosed.
The deal, which covers total deposits and investment AUMs of ~$3.6B, does not include Citi’s (C) institutional businesses in China. HSBC (HSBC) plans to offer jobs to in-scope Citi (C) employees at the China consumer wealth business.
The sale, which is expected to close in the first half of 2024, is part of the wind-down of Citi’s (C) consumer banking business in China under its broader global strategy refresh.
Since announcing its plans to exit consumer banking across 14 markets, Citi (C) has closed sales in Australia, Bahrain, India, Malaysia, the Philippines, Taiwan, Thailand and Vietnam.
Citi (C) aims to close the sale of its Indonesia consumer business later this year. The wind-downs of its consumer business in Korea and overall presence in Russia are ongoing.
The bank is also pursuing an IPO of its consumer, small business and middle market banking operations in Mexico.
Image and article originally from seekingalpha.com. Read the original article here.