The latest in M&A activity as it affected the Asia-Pacific sector in Q4 2023.

This is a roundup of M&A deals affecting firms in the region. Note that at the point of writing the original stories, not all the transactions had won regulatory/shareholder approval, and coverage of these transactions may be subsequently updated. This summary is intended to provide a snapshot of transaction agreements and to signify the level of activity in the sector. (To see an earlier summary, click here.) For comments, corrections or feedback, email tom.burroughes@wealthbriefing.com

There was not a great deal of big-ticket M&A activity in Asia-Pacific during the autumn months and early December, but what did stand out were the transactions of Citigroup as the US bank continues to reshape its structure. 

Citigroup, HSBC
Citigroup agreed to sell its onshore consumer wealth portfolio in China, including clients, assets under management and deposits to HSBC Bank China.   

The transaction covered total deposits and investment AuM of about $3.6 billion. Upon completion, the acquired business will be integrated into HSBC Bank China’s Wealth and Personal Banking operations. HSBC said it planned to extend offers to in-scope employees supporting Citi's local consumer wealth business in China. The announcement progressed the wind-down of Citigroup’s consumer banking business in China, which was announced in December 2022.

Citigroup, UOB
The US firm completed the sale of its Indonesia consumer banking business to United Overseas Bank Indonesia (UOB), a Singapore-headquartered group. This marked the ninth sale as part of Citi’s strategy refresh and the final full consumer divestiture for Asia. The sale included retail banking, credit card, and unsecured lending businesses, as well as the transfer of employees.