The gross asset value of the businesses to be sold was approximately $10.7m, as at 31 March 2011.
HSBC Russia provides range of corporate banking, investment banking and financial markets products and services to corporate and institutional customers.
In order to assist its customers, HSBC Russia will also refer the holders of current and deposit accounts upon their consent to Citibank, which intends to offer them new account facilities, HSBC said.
The transaction is expected to be completed in the third quarter of 2011.
In April 2011, HSBC revealed its decision to close its retail banking operations in Russia and to focus on its commercial and wholesale banking businesses.
The HSBC Group in Russia operates through OOO HSBC Bank, an affiliated company of HSBC Bank.
