Citi completes sales of onshore consumer wealth portfolio in China to HSBC

Citibank Group announced earlier this week that it has successfully completed the sale and full migration of its onshore consumer wealth portfolio in China to HSBC Bank China, including the transfer of more than 300 employees.

The transaction was announced for the first time in October 2023 by Citi and HSBC jointly.

As part of a previously signed agreement, Citi will also transfer its remaining credit card portfolio in China to Fubon Bank China later this year.

Citi's institutional businesses in China were excluded from the sale, with the focus remained on serving institutional clients in China locally, regionally, and globally.

First opened in China in 1902, Citi serves 70 percent of the Fortune 500 companies in the market, more than 300 leading local enterprises, and many more emerging new economy companies.