Citi has completed the sale an migration of its onshore consumer wealth portfolio in China to HSBC Bank China HSBC, including the transfer of more than 300 employees, including wealth customers in Shanghai and 10 other cities in mainland China excluding credit cards and mortgages.
Citi and HSBC first announced the undisclosed deal which included $3.6 billion of assets and deposits as of Ausgust 2023 in October 2023 as Citi exited 14 consumer businesses in Asia, Europe, the Middle East and Mexico where it is preparing an initial public offering, as part of a switch in strategy.
Citi has now closed sales...
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