It is about $3.6 billion (as of August 2023) (about 26.3 billion yuan).
The transaction is expected to close in the first half of 2024.

It is understood that the business scope of the acquisition is Citi China's personal wealth management business (excluding insurance consignment), and does not involve Citi China's credit card, personal mortgage and other loans and other retail business.
The deal will further consolidate HSBC China's market-leading position among foreign banks and play a more critical role in the group's "Big Wealth Management matrix" strategy in the mainland market, HSBC said. Upon completion of the transaction, the acquired business will be integrated into HSBC's wealth management and personal banking operations in China, and HSBC plans to invite Citi's China employees who serve the personal banking wealth management business to join HSBC's mainland team.
Yunfeng Wang, president and chief executive Officer of HSBC China, said: "This acquisition once again confirms HSBC's strong commitment to stay in the Chinese market for the long term. "China is an important strategic market for the HSBC Group. We have confidence in the long-term positive trend of the Chinese economy, and we will support the high-quality development of the Chinese economy through deep participation in market opening and continuous investment in business layout." He said that as an important milestone in HSBC's development in China, the acquisition will increase the scale of the wealth management business and provide new momentum for further growth.

As one of the largest foreign investors in the financial sector in the mainland, the HSBC Group has continued to increase its presence in the Chinese market in recent years, accelerating its business expansion and improving its service capabilities through its own business growth and strategic investment and mergers and acquisitions.
"The Chinese market is key to HSBC's position as a leading wealth manager in Asia. This investment is aimed at further expanding the wealth management business of the banking side of the Group." "Said Richard Ma, global chief executive of wealth management and consumer banking at HSBC.

In the field of wealth management, in April this year, HSBC Group officially launched the "Big Wealth Management Matrix" strategy in the Chinese mainland market, marking the first time that foreign financial institutions joined the big wealth management circuit.
In addition, HSBC plans to recruit 3,000 private wealth planners, and more than 1,400 people have been hired.

Citi said it would continue to serve corporate and institutional clients in China.

Of the 14 global markets across Asia, Europe, the Middle East and Mexico where Citi has announced it will exit consumer banking, Citi has completed sales of consumer banking in eight Asia-Pacific markets, including Australia, Bahrain, India, Malaysia, the Philippines and Thailand.
Brokerage China reporters also learned that Citi plans to complete the sale of its personal banking business in Indonesia later this year.  Citi also announced that it will pursue an IPO of its personal banking, small business and mid-market businesses in Mexico.
In 1902, Citi entered the Chinese market, and in 2007, the first successful conversion. Citi currently serves 70% of the Fortune 500 companies operating in China, more than 300 leading Chinese companies and many emerging new economy enterprises.
"This transaction is in the interest of our customers and employees and all parties involved. Citi has been in China for many years and we are proud of our history here." Yuhua Lin, head of Citi China and president of Citibank (China) Limited, said Citi will continue to firmly serve its corporate and institutional clients in China, support their cross-border needs, and become their best banking partner of choice.
Citi China has obtained a series of business qualifications, including the local fund custodian qualification, the first "Bond Connect" quotation agency, the China Interbank bond market bond underwriting qualification and the interbank bond market settlement agent qualification. In addition, Citi China is also one of the two foreign banks in the LPR(Loan Market quote Rate) quotation bank.