Citigroup to Sell China Consumer Wealth Portfolio to HSBC -- Update
09 Outubro 2023 - 1:22AM
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, it said. The deal is
expected to close in the first half of 2024 and terms were not
disclosed.
The U.S. investment bank 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.
It 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 00:07 ET (04:07 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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