Citi Announces Agreement to Sell Onshore Consumer Wealth Portfolio in China



SHANGHAI – Citi today announced that it has agreed to sell its onshore consumer wealth portfolio in China, including clients, assets under management (AUM), and deposits to HSBC Bank China. HSBC plans to extend offers to in-scope employees supporting Citi’s local consumer wealth business in China.

The transaction covers total deposits and investment AUMs of approximately US$3.6 billion. Terms of the transaction were not disclosed, and the deal is expected to close in the first half of 2024.

Today’s announcement progresses the wind-down of Citi’s consumer banking business in China, which was announced in December 2022. Citi first announced its plan to exit China consumer banking in April 2021 as part of the firm’s broader global strategy refresh.

This announcement does not include Citi’s institutional businesses in China, where the bank has a leading position.

Citi will continue to serve the needs of affluent to ultra-high net-worth Chinese individuals through its regional wealth hubs in Singapore and Hong Kong leveraging its International Personal Bank and Citi Private Bank businesses.

Citi first opened in China in 1902 and became one of the first global banks to incorporate locally in 2007. Today, Citi serves 70 Fortune 500 companies in the market, as well as over 300 leading local enterprises and many more emerging new economy companies.

Titi Cole, Citi’s Head of Legacy Franchises, said:“We are taking important steps forward in exiting our consumer banking business in China and continue to make progress in our divestitures as part of our strategy to simplify Citi. This is an excellent outcome for our local consumer wealth colleagues and clients in China.”

Christine Lam, Citi China Country Officer and President of Citibank (China) Co., Ltd., said: “This transaction serves the interest of our clients, colleagues, and all parties involved. Citi is proud to have a long history in China. We are deeply rooted in this market. We look forward to continuing to support our institutional clients in China as their preeminent banking partner for cross-border needs.”

Since announcing its intention to exit consumer banking across 14 markets in Asia, Europe, the Middle East, and Mexico as part of its strategic refresh, Citi has now closed sales in eight markets including Australia, Bahrain, India, Malaysia, the Philippines, Taiwan, Thailand and Vietnam.

Citi plans to complete the sale of its Indonesia consumer business later this year. In addition to China, the previously announced wind-downs of Citi’s consumer business in Korea and overall presence in Russia are in progress. Citi also announced that it will pursue an IPO of its consumer, small business, and middle market banking operations in Mexico.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management, and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.



Related Content

Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Request Nomination Pack

      Error: Contact form not found.