As part of a global retreat announced in 2021, Citi aims to exit 14 markets in Asia, Europe, the Middle East, Africa and Mexico. The bank announced last year that it planned to wind down its consumer-banking operations in China.
The bank’s retail-wealth unit in China serves clients with assets between $100,000 and $1 million, according to The Journal. The unit provides customers with deposit, fund and structured product offerings, Reuters reported.
Citi declined Banking Dive’s request for comment on the reported deal. HSBC did not respond to a request for comment.
