Citi Group issued a statement saying that it has agreed to sell the wealth management business of individual bankers in China to HSBC.
According to Reuters, Citi Bank announced the above news on Monday (October 9).The personal bank wealth management business sold by Citi Group includes accounts, deposits and related wealth management products held by individual customers.
According to the statement, the total amount of deposits and investment management assets involved in the transaction is about $ 3.6 billion (S $ 4.92 billion).The transaction clauses are not disclosed and are expected to be completed in the first half of 2024.
According to Reuters earlier quoted people familiar with the matter, after the transaction was completed, HSBC will take over the employees of the "hundreds" Citi in China.
Citi Bank is headquartered in New York and is one of the largest investment banks and financial institutions in the world.In Asia, Citi is in the process of ending South Korean business and will complete the transfer of Indonesian business to Dahua Bank.
Citi ’s wealth management business in China mainly serves popular customers.People familiar with the matter said that Citi's private banking business remains unchanged, and it is also applying for the establishment of a Chinese securities brokerage department.
