The deal, which will be finalized in the first half of 2024, will include the transfer of around $3.6 billion in assets under management and bank deposits to HSBC, Citi said in a statement.
Citi's institutional client business in China will not be affected.
"We are taking important steps forward in exiting our consumer banking business in China and continue to make progress in our divestitures as part of our strategy to simplify Citi," Titi Cole, Citi's Head of Legacy Franchises, said in the statement.
"This is an excellent outcome for our local consumer wealth colleagues and clients in China," added Cole.
Citigroup in 2021 unveiled plans to significantly downsize its global consumer banking footprint as it shifted its focus to wealth management and away from retail banking in places where it has a small presence.
It said it would exit consumer banking across 14 markets including in Asia, Europe and the Middle East.
It has since then shuttered its retail banking activities in eight markets, including Australia, India, Malaysia, Thailand and Vietnam, the statement said.
Citi first launched in China in 1902 and was one of the first global banks to incorporate locally in 2007.
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