Citi closes sale of onshore Consumer Wealth portfolio in China to HSBC
Citi announced today it has successfully completed the sale and full migration of its onshore consumer wealth portfolio in China to HSBC Bank China, including the transfer of more than 300 employees.
Citi and HSBC first announced the transaction in October 2023.
Citi’s institutional businesses in China are excluded from the sale. Citi remains focused on serving institutional clients in China locally, regionally and globally.
As part of a previously signed agreement, Citi will also transfer its remaining credit card portfolio in China to Fubon Bank China later this year.
Since announcing its intention to exit consumer banking businesses across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has now closed sales in nine of those markets including Australia, Bahrain, India, Indonesia, Malaysia, the Philippines, Taiwan, Thailand and Vietnam.
In addition to China, the previously announced wind-downs of Citi’s consumer banking businesses in Korea and overall presence in Russia are in progress. Citi is preparing for a planned IPO of its consumer, small business and middle market banking operations in Mexico and has restarted the sales process for the consumer banking business in Poland.
Citi first opened in China in 1902. Today, Citi serves 70% of Fortune 500 companies in the market, over 300 leading local enterprises and many more emerging new economy companies.
Citi is also pursuing the establishment of a wholly-owned securities and futures company in onshore China.