HSBC to acquire Citi’s China-based consumer banking portfolio

Citi announced yesterday Monday, October 09 an agreement to transfer its China-based consumer wealth portfolio to HSBC, for a sum of $3.6 billion. While the terms of the deal have not been disclosed, the transfer involves the full scope of Citi’s onshore consumer wealth portfolio, comprising clients, assets under management AUM and deposits. The transaction is expected to close in the first half of 2024.

“Our institutional business in China continues to see strong client-led growth, across Banking, Services and Markets,” a spokesperson for Citi told FinanceAsia.

Citi intends to continue to cater to affluent Chinese clients through its presence in the regional wealth...