Citigroup sells China consumer assets portfolio to HSBC

Citigroup has agreed to sell its China consumer asset portfolio to HSBC Holdings. Citigroup said on Monday that it has agreed to sell its China consumer asset portfolio, including clients, assets under management (AUM) and deposits, to HSBC Holdings. The deal covers approximately $3.6 billion of total deposit and investment AUM. The sale is expected to close in the first half of 2024. Financial details of the transaction were not disclosed. “Today’s announcement advances Citi’s planned exit of its consumer banking business in China, which was announced in December 2022,” the U.S.-based bank said in a statement. Citi first announced plans to exit its China consumer banking business in April 2021 as part of its global strategy refresh. Its consumer banking business has primarily served affluent clients through deposit, fund and structured product offerings. The acquisition of Citi’s asset portfolio will help HSBC expand its presence in China, one of its key markets.