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The deal covers total deposits and investment AUMs of about $3.6b, and is expected to close in the first half of 2024. Citi first announced its plan to exit China consumer banking in April 2021 as part of a global strategy revamp. The consumer banking business mainly served rich clients with deposit, fund and structured product offerings.
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"Today's announcement progresses the wind-down of Citi's consumer banking business in China, which was announced in December 2022," the U.S.-headquartered bank said in a statement.
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