Citi completes sale of Chinese consumer unit to HSBC

The deal, including the transfer of 300 employees and around $3.6bn of assets and deposits, was announced in October 2023 as part of a wider strategy by Citi, which has now closed sales of consumer units in nine markets.

Andrew Tjaardstra

June 11, 2024

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).

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