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.