Citigroup has agreed to sell its consumer wealth arm in China to HSBC with a expected timeline for the deal of the first half of 2024.
The sale of the Citi’s onshore consumer wealth portfolio in China includes assets under management and total deposits of $3.6 billion as HSBC continue to establish presence in the region.
The deal follows Citi’s November 2022 announcement that the US bank would begin reducing its consumer banking operations in China following a broader anno...
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