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Citigroup to sell China Retail Wealth Unit to HSBC

Citigroup is in talks with HSBC regarding the potential sale of its retail wealth business in China.

Picture of the Citigroup office in Shanghai, China. Photo: Getty Images

This move is part of Citigroup’s broader strategy to divest its consumer banking interests outside of its home territory.

An official announcement about the sale could be made next month.

If the deal goes through, it would involve the transfer of around 400 Citigroup employees in China to HSBC.

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