Citi Plans To Sell Its Onshore Consumer Wealth Portfolio In China To HSBC Bank China, With Deal Covering Total Deposits And Investment AUMs Of $3.6B
Portfolio Pulse from Benzinga Newsdesk
Citi has agreed to sell its onshore consumer wealth portfolio in China, including clients, assets under management (AUM) and deposits, to HSBC Bank China. The deal covers total deposits and investment AUMs of $3.6B. HSBC plans to extend offers to employees supporting Citi's local consumer wealth business in China.
October 09, 2023 | 9:09 am
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POSITIVE IMPACT
Citi is selling its onshore consumer wealth portfolio in China to HSBC Bank China. This could potentially streamline Citi's operations and improve its financial position.
The sale of Citi's onshore consumer wealth portfolio in China could potentially streamline its operations by reducing its exposure to the Chinese market. This could also improve its financial position by adding $3.6B to its balance sheet.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
HSBC Bank China is acquiring Citi's onshore consumer wealth portfolio in China. This could potentially expand HSBC's presence and customer base in China.
The acquisition of Citi's onshore consumer wealth portfolio could potentially expand HSBC's presence in China by adding new clients and assets under management. This could also improve its financial position by increasing its deposits and investment AUMs.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100