Citigroup to Sell China Consumer Wealth Portfolio to HSBC -- 2nd Update
09 Outubro 2023 - 5:36AM
Dow Jones News
By Sherry Qin
Citigroup will sell its onshore consumer wealth portfolio in
China to HSBC Holdings as the U.S. bank continues to leave consumer
banking across parts of Asia.
It will sell its China consumer wealth portfolio, including
clients, assets under management and deposits, worth approximately
$3.6 billion, to HSBC Bank China.
"This transaction serves the interest of our clients, colleagues
and all parties involved," Christine Lam, Citi China country
officer and president of Citibank (China), said in a statement on
Monday.
The transaction doesn't include Citi's institutional businesses
in China, where it has a leading position, Citi said. The deal is
expected to close in the first half of 2024 and terms weren't
disclosed.
Meanwhile, the transaction will further strengthen Asia-focused
HSBC's presence in China.
"Mainland China is central to our ambition to be the leading
wealth manager in Asia. This investment will allow us to further
build out our core wealth business in HSBC Bank China," said Nuno
Matos, chief executive of wealth and personal banking at HSBC, in a
statement.
Citi announced it would wind down its consumer-banking
operations in China last December, following a strategic shift
since Chief Executive Jane Fraser got the top job. In April 2021,
Citi told investors it would refocus its Asia strategy by pulling
back from consumer banking and devoting resources to wealth
management and corporate customers.
The U.S. investment bank agreed to sell its consumer-banking
franchises in Indonesia, Malaysia, Thailand, Vietnam to United
Overseas Bank in January 2022.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
October 09, 2023 04:21 ET (08:21 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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