Citi has agreed to sell its onshore consumer wealth portfolio in China to HSBC. This includes clients, assets under management (AUM) and deposits. HSBC plans to extend offers to in-scope employees supporting Citi’s local consumer wealth business in China. 

The transaction covers total deposits and investment AUMs of approximately $3.6 bn. Terms of the transaction were not disclosed, and the deal is expected to close in the first half of 2024. The announcement progresses the wind-down of Citi’s consumer banking business in China, which was announced in December 2022.  

Citi first announced its plan to exit China consumer banking in April 2021 as part of the firm’s broader global strategy refresh. Citi first opened in China in 1902 and became one of the first global banks to incorporate locally in 2007.

Citi to continue some operations on China

This announcement does not include Citi’s institutional businesses in China, where the bank has a leading position. Citi will continue to serve the needs of affluent to ultra-high net-worth Chinese individuals through its regional wealth hubs in Singapore and Hong Kong leveraging its International Personal Bank and Citi Private Bank businesses.

Christine Lam, Citi China Country Officer and President of Citibank (China) Co., Ltd., said: “This transaction serves the interest of our clients, colleagues and all parties involved. Citi is proud to have a long history in China. We are deeply rooted in this market. We look forward to continuing to support our institutional clients in China as their preeminent banking partner for cross-border needs.”

Since announcing its intention to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has now closed sales in eight markets including Australia, Bahrain, India, Malaysia, the Philippines, Taiwan, Thailand and Vietnam. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Citi plans to complete the sale of its Indonesia consumer business later this year. In addition to China, the previously announced wind-downs of Citi’s consumer business in Korea and overall presence in Russia are in progress. Citi also announced that it will pursue an IPO of its consumer, small business and middle market banking operations in Mexico.