The Strategist

Citigroup to sell its China retail wealth business to HSBC Bank



10/10/2023 - 06:30



The subsidiary of the British bank HSBC Plc in China purchases the Chinese retail wealth business of Citigroup Inc., announced the parties to the transaction.



Matt Buck
Matt Buck
The $3.6 billion portfolio of the branch consists of assets and deposits of high net worth retail clients in 11 major Chinese cities, according to a statement from the bank.

Citi points out that the acquisition excludes the bank's institutional investor operations in China.

The purchase price is unknown. According to Citi, the parties intend to close the deal in the first half of 2024.

As stated by Christine Lam, President of Citibank (China), "the transaction is in the best interests of our clients, colleagues, and all parties involved."

In December 2022, Citi stated it would wind down its retail banking operations in China after announcing its exit from the retail market in 14 countries back in 2021.

source: ft.com

 




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