For Immediate Release Citigroup Inc. (NYSE: C)

Citi completes sale of onshore Consumer Wealth portfolio in China to HSBC

June 11, 2024
  • Sale advances previously announced China consumer banking wind-down
  • Citi remains committed to serving institutional clients in China

SHANGHAI- Citi announced today it has successfully completed the sale and full migration of its onshore consumer wealth portfolio in China to HSBC Bank China (HSBC), including the transfer of more than 300 employees. Citi and HSBC first announced the transaction in October 2023.

Citi’s institutional businesses in China are excluded from the sale. Citi remains focused on serving institutional clients in China locally, regionally and globally.

As part of a previously signed agreement, Citi will also transfer its remaining credit card portfolio in China to Fubon Bank China later this year.  

Since announcing its intention to exit consumer banking businesses across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has now closed sales in nine of those markets including Australia, Bahrain, India, Indonesia, Malaysia, the Philippines, Taiwan, Thailand and Vietnam.

In addition to China, the previously announced wind-downs of Citi’s consumer banking businesses in Korea and overall presence in Russia are in progress. Citi is preparing for a planned IPO of its consumer, small business and middle market banking operations in Mexico and has restarted the sales process for the consumer banking business in Poland.

Titi Cole, Head of Legacy Franchises at Citi, said, “We are sincerely grateful to our former employees for their steadfast commitment to clients and wish them well. We have made significant progress in executing Citi’s strategy, and completing this transaction is another important step forward in simplifying the firm.”

Luke Lu, Citi Country Officer and Banking Head for China, said, “Citi is proud to have a long history in China, and we are intently focused on growing Citi’s institutional businesses in China, serving clients in the market through our network to support their cross-border needs.”

Citi first opened in China in 1902. Today, Citi serves 70% of Fortune 500 companies in the market, over 300 leading local enterprises and many more emerging new economy companies. Leveraging its global network, Citi China is committed to supporting the strategic needs and aspirations of Chinese corporates’ going global, as well as global multinationals’ expanding their footprint in China, and providing global banking capabilities and services to mid-sized companies through commercial banking. As these companies expand internationally, Citi helps enable their growth in other markets and facilitates access to capital through our unique global network and market-leading cross-border financing solutions. 

Citi is also pursuing the establishment of a wholly-owned securities and futures company in onshore China.

Citi China has recently been recognized by the 2024 Fortune China ESG Impact List for its achievements and best practices in the areas of advocating and driving diversity, as well as contributing to social and green finance in China, both for itself and its clients. Citi is the only foreign financial institution to be included on the List.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Media Contacts:
Caren Lee, Hong Kong                          
852 2962 3339                                                

Danielle Romero Apsilos, New York
212 816 2264

Investor Contact:           
Jennifer Landis
212 559 2718


Certain statements in this release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, macroeconomic and local market conditions; governmental or regulatory requirements and actions; geopolitical challenges and uncertainties; the imposition of additional sanctions and export controls; and the precautionary statements included in this release. These factors also consist of those contained in Citi’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citi’s 2023 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

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