Citi announced it has completed the sale and full migration of its onshore consumer wealth portfolio in China to HSBC Bank China, including the transfer of more than 300 employees, as part of a transaction first announced in October 2023.

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

As part of a previously signed agreement, the bank 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 the bank’s consumer banking businesses in Korea and overall presence in Russia are in progress. The bank is preparing for a planned initial public offering 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.

“We have made significant progress in executing Citi’s [refresh] strategy,” shares Titi Cole, the bank’s head of legacy franchises, “ and completing this transaction is another important step forward in simplifying the firm.”

Luke Lu, Citi country officer and banking head for China, adds: “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.”