HSBC will offer jobs to the reported 400 Citi employees, while Citi retains its commercial banking unit.
Citigroup Inc. on Monday confirmed reports of the sale of its consumer-wealth portfolio in China to HSBC Plc after it announced plans to exit the business in December 2022.
Citi did not disclose the price of the China consumer-wealth deal, but said it encompasses $3.6 billion in total deposits and investment assets under management. The transaction is expected to close in the first half of 2024. For its part, HSBC Holdings Plc HSBC, +1.76% has aired plans to invest $3.5 billion by 2026 for its Asian wealth business.Last month, Reuters initially reported Citi’s China consumer-bank deal, which was also confirmed by unnamed sources who spoke to the Wall Street Journal.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Citigroup to sell China consumer wealth business to HSBCCitigroup Inc (C.N) said on Monday it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc (HSBA.L).
Read more »
Citigroup to sell China onshore consumer wealth unit to HSBCCitigroup to sell China onshore consumer wealth unit to HSBC
Read more »
China expels former Bank of China chairman from Communist PartyChina's ruling Communist Party has expelled the former chairman of the state-owned Bank of China from the party, accusing him of illegal activities and taking bribes, the top anti-graft watchdog said
Read more »
What Could Finally Turn Around Citigroup?Trimming layers of managers will help, but global bank faces headwinds ranging from interest rates to new capital rules
Read more »
ECNU Seeking Global Talents - Shanghai, China job with East China Normal University | 779196Founded in 1951, and based in Shanghai, East China Normal University (ECNU) is one of the top research universities in China. Directly under the Ministry of Education and sponsored by the national key university programs—“Project 211” and “Project 985”— our university is renowned for its teacher education and high-level research programs in both basic and applied sciences. In 2017, ECNU was selected into Class A of the “Double First-Class Program” (First Class University and First-Class Academic
Read more »
1 Stock to Buy, 1 Stock to Sell This Week: JPMorgan Chase, CitigroupStocks Analysis by Investing.com (Jesse Cohen) covering: Citigroup Inc, JPMorgan Chase & Co, JP Morgan Chase & Co, Citigroup Inc. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Read more »