London-headquartered HSBC is reportedly set to acquire Citigroup’s China consumer banking unit, further expanding the British lender’s presence in the mainland.
HSBC is set to acquire Citi’s China consumer banking business, according to a «Reuters» report citing unnamed sources. The deal will involve $3 billion in assets and the takeover of «a few hundred» of Citi’s China-based staff. HSBC and Citi declined to comment.
In December, Citi announced that it was winding down its China consumer business. The cost of the wind-down was not expected to be material, with expectations of 1,200 employees being affected across deposits, insurance, mortgages, investments, loans and cards.
If successful, this marks yet another completed consumer departure after Citi announced that it would exit 14 markets worldwide in 2021. HSBC and Citi declined to comment.
