back Back

Citi sanctions sale of onshore consumer wealth portfolio in China

By Gloria Mathias

October 10, 2023

  • Asia
  • Australia
  • B2B Wealthtech
Share

Citi Bank, Citi Global Wealth, Citi Global Markets, Citi Private Banks, Singapore, Thailand, HongKong, Credit Card, Digital banking, Card Management, Premium card, Selected applications, HSBC Bank, ChinaCiti has announced its agreement 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 $3.6 billion.

The 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.

Citi aims to 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.

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) 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.

The bank 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.

Previous Article

October 10, 2023

India’s Onsurity bags $24m in Series B Funding led by IFC

Read More
Next Article

October 10, 2023

6 sigma credit risk management solutions goes live on Temenos Exchange

Read More









IBSi Daily News Analysis

AI, scams, Deepfakes

November 29, 2023

Asia

APAC Deepfake incidents surge as global fraud landscape evolves

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Webexpenses and Wise Platform partner on multi-currency expense solution

Read More

Today

BankDhofar announces expansion to boost banking experience

Read More

Today

Bonza partners with Monoova’s PayTo to offer travel payments solutions

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023