HSBC - Citigroup's Big Business Revamp Continues: Sells China Onshore Consumer Wealth Portfolio To HSBC | Benzinga
Citigroup Inc (NYSE: C) disclosed its plan to sell its onshore consumer wealth portfolio in China to HSBC Holdings Plc's (NYSE: HSBC) China division.
The deal covers Citi's client base along with assets under management (AUM) and total deposits worth about $3.6 billion.
The terms of the transaction, expected to close in H1 2024, were not disclosed.
The deal is at par with Citigroup's announcement (December 2022) of divesting its consumer banking business in China and exiting consumer franchises ...