By Sherry Qin

Citigroup agreed to sell its onshore consumer wealth portfolio in China to HSBC Holdings, progressing the wind-down of the U.S. bank's consumer business in the country.

Citi will sell its China consumer wealth portfolio, including clients, assets under management and deposits, worth approximately US$3.6 billion, to HSBC Bank China, Citi said in a statement Monday.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

October 08, 2023 23:27 ET (03:27 GMT)

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