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Citigroup to sell China onshore consumer wealth unit to HSBC

FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City
April 26, 2024
Reuters - Reuters

(Reuters) - Citigroup Inc said on Monday it has agreed to sell its onshore consumer wealth portfolio in China, including clients, assets under management (AUM) and deposits to HSBC Bank China.

The deal covers total deposits and investment AUMs of about $3.6 billion.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Dhanya Ann Thoppil)

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