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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