Citigroup Inc. has recently confirmed that it will be selling its China consumer wealth portfolio, which includes clients, assets under management (AUM), and deposits, to HSBC Holdings Plc.
This transaction is expected to close in the first half of 2024 and includes total deposits and investment AUMs of about $3.6 billion.
While the exact financial terms of the deal were not disclosed, Citigroup emphasized that this sale aligns with its plans to wind down its consumer banking operations in China, a decision first announced in December 2022.
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This move is part of Citigroup’s broader global strategic revamp, which began with the plan to exit China’s consumer banking sector in April 2021.
