Citigroup's Big Business Revamp Continues: Sells China Onshore Consumer Wealth Portfolio To HSBC
Portfolio Pulse from Lekha Gupta
Citigroup Inc plans to sell its onshore consumer wealth portfolio in China to HSBC Holdings Plc's China division. The deal, expected to close in H1 2024, includes assets under management and total deposits worth about $3.6 billion. This is in line with Citigroup's strategy to divest its consumer banking business in various regions. The bank also plans an IPO of its consumer, small business and middle-market banking operations in Mexico.
October 09, 2023 | 10:41 am
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NEGATIVE IMPACT
Citigroup is selling its onshore consumer wealth portfolio in China to HSBC. This is part of its strategy to divest its consumer banking business.
The sale of Citigroup's onshore consumer wealth portfolio in China to HSBC is a significant move in its strategy to divest its consumer banking business. This could potentially impact the company's short-term stock price negatively as it indicates a reduction in its business operations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
HSBC is acquiring Citigroup's onshore consumer wealth portfolio in China. This could potentially expand its customer base and assets under management.
HSBC's acquisition of Citigroup's onshore consumer wealth portfolio in China could potentially expand its customer base and assets under management. This could have a positive impact on its short-term stock price as it indicates business expansion.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80