Citigroup is selling its Chinese retail business to HSBC

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The US bank expects the deal to be finalised in the first half of next year.

NEW YORK: US bank Citigroup is to sell its consumer banking business in China to Asia-focused banking giant HSBC, it announced today.

“This is an excellent outcome for our local consumer wealth colleagues and clients in China,” added Cole. It said it would exit consumer banking across 14 markets including in Asia, Europe and the Middle East.

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