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Citi Sells China Consumer Business To HSBC As British Bank Doubles Down On Asia

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I am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health. I have master’s degrees in Biological Natural Sciences and the History and Philosophy of Science from Downing College, Cambridge University. Follow me on Twitter @theroberthart or get in touch at rhart@forbes.com

Citigroup on Monday said it is selling its consumer wealth portfolio in mainland China to HSBC, furthering the British bank’s expansionist ambitions in the world’s second-largest economy as the American lender withdraws from Asia.the deal will pass its China consumer wealth portfolio, including clients, assets under management and deposits to HSBC Bank China.Neither bank has disclosed the financial specifics of the deal, which is expected to close in the half of 2024.

The deal does not cover its institutional businesses in China, Citi said, adding that the bank will continue to serve China’s ultra wealthy through regional wealth hubs in Singapore and Hong Kong. Titi Cole, the head of Citi's Legacy Franchises, said the deal marks an important step forward for the bank as it winds down its consumer banking business in China.In recent years, London-based HSBC has made it clear it has big ambitions in China. While the British lender has pulled back from Europe and North America, it has doubled down in Asia, particularly China.

 

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Citigroup to sell China consumer wealth business to HSBCCitigroup Inc (C.N) said on Monday it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc (HSBA.L).
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