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Citi has completed the sale and migration of its onshore consumer assets portfolio in China to HSBC Bank China (HSBC), including the transfer of more than 300 employees, including in Shanghai.

Citi and HSBC first announced the $3.6 billion deal in October 2023, when Citi exited 14 consumer businesses in Asia, Europe, the Middle East and Mexico (where it is preparing an IPO) as part of a strategy shift.

Citi has now completed sales in nine markets: Australia, Bahrain, India, Indonesia, Malaysia, the Philippines, Taiwan, Thailand and Vietnam. Citi is also in the process of winding down in Korea and Russia.

As part of the China deal, Citi will also transfer its remaining credit card portfolio to Taiwan’s Fubon Bank (China) later this year.

Citi’s institutional businesses in China are excluded from the sale. Luke Lu, Citi’s country representative and bank head for China, said in a statement: “Citi is proud of its long history in China and we are intensely focused on growing Citi’s institutional businesses in China and serving clients in the market through our network to support their cross-border needs.”

The bank was opened in China in 1902 and serves around 70 percent of the Fortune 500 companies in the market, over 300 local companies and many companies in the “emerging new economy,” according to a Citi statement. As these companies expand internationally, Citi aims to help them enable their growth in other markets and facilitate access to capital through its global network and cross-border financing solutions.

Citi also aims to establish a wholly-owned securities and futures company in China.

¬ Haymarket Media Limited. All rights reserved.

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