Citigroup to Sell China Consumer Wealth Portfolio to HSBC

By Sherry Qin

Citigroup agreed to sell its onshore consumer wealth portfolio in China to HSBC Holdings, progressing the wind-down of the U.S. bank’s consumer business in the country.

Citi will sell its China consumer wealth portfolio, including clients, assets under management and deposits, worth approximately US$3.6 billion, to HSBC Bank China, Citi said in a statement Monday.