Citigroup in Talks to Sell China Onshore Retail Wealth to HSBC
- Onshore retail wealth business has about $4 billion in assets
- HSBC has been building out wealth franchise in pivot to Asia
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Citigroup Inc. is in talks to sell its China onshore retail wealth business to HSBC Holdings Plc, as the latter continues to build out its presence in the mainland, according to people familiar with the matter.
Citi’s China retail wealth business has about $4 billion of assets and deposits and about 400 staff, which would be transferred to HSBC if the deal goes through, the people said, asking not to be identified as they are not authorized to speak publicly. The deal could be announced as early as next month, one of the people said.