According to Citi, the transaction is expected to close in the first half of 2024.
In April 2021, Citi announced a global strategy shift that will see it exit the consumer banking business in 14 markets across Asia, Europe, the Middle East, Africa and Mexico. In December 2022, Citibank made relevant announcements on the specific business arrangements for the exit. Over the past few months, the bank carefully evaluated the possibilities of various options and finally decided to wind down Citi's China personal banking business, which covers cards, mortgages, personal loans, deposits, investments, insurance and foreign exchange.
The transaction, totaling approximately $3.6 billion, involves assets under management in personal deposits and personal finance businesses. Terms of the transaction were not disclosed and the transaction is expected to close in the first half of 2024. According to HSBC China, after the completion of the transaction, the acquired business will be integrated into the operation of HSBC China's wealth management and personal banking business, and HSBC plans to invite Citi China's relevant staff serving the personal banking wealth management business to join HSBC's mainland team.