Citi moves to sell unit to HSBC two years after revealing plans to focus on commercial banking.
Citigroup Inc. could announce as early as next month a deal to sell its consumer-wealth business in China to HSBC Plc some two years after it announced plans to scale back its overseas retail banking business, according to reports on Thursday.
Citigroup has been shedding its overseas consumer businesses including an upcoming initial public offering of Banamex in Mexico, while HSBC Holdings Plc HSBC, +0.49% has aired plans to invest $3.5 billion by 2026 for its Asian wealth business.Reuters initially reported the deal, which was also confirmed by unnamed sources who spoke to the Wall Street Journal.
It will also do away with regional layers in the Asia-Pacific region, Europe, the Middle East and Africa, and Latin America as it exits these businesses.
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