HSBC Purchases Citi’s China Retail Assets for $3.6 Billion

The transaction, which covers approximately $3.6 billion in deposits and investment AUMs, is anticipated to be completed in the first half of 2024.

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The U.S.-based bank stated in a statement that “today’s announcement advances the wind-down of Citi’s consumer banking business in China, which was announced in December 2022.”

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The acquisition of Citi’s consumer wealth division in China by HSBC, first announced by Reuters late last month

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