Exclusive: DBS, StanChart among potential bidders for Citi s Asia consumer business - sources
By Anshuman Daga, Sumeet Chatterjee and Nupur Anand
Reuters
SINGAPORE/HONG KONG (Reuters) - Banks including DBS Group, Mitsubishi UFJ Financial Group (MUFG), OCBC and Standard Chartered are set to bid for parts of Citigroup s consumer business in Asia, people with direct knowledge of the matter told Reuters.
The sale process will start within a couple of weeks, the people added, declining to be named as they were not authorised to speak to media.
The move comes after Citi said that it would exit from its consumer franchises in 13 markets, 10 of which are in Asia, as it refocuses on its more lucrative institutional and wealth management businesses in these markets.
BusinessEXCLUSIVE DBS, StanChart weigh bids as Citi retreats from Asia consumer business - sources
Anshuman DagaNupur AnandSumeet ChatterjeeNupur Anand
4 minutes read
A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/File Photo
Banks including DBS Group (DBSM.SI), Mitsubishi UFJ Financial Group (MUFG), OCBC (OCBC.SI) and Standard Chartered (STAN.L) are set to bid for parts of Citigroupâs (C.N) consumer business in Asia, people with direct knowledge of the matter said.
The sale process will start within a couple of weeks, they added, declining to be named as they were not authorised to speak to media.
Exclusive: DBS, StanChart among potential bidders for Citi s Asia consumer business - sources
04/20/2021 | 04:53am EDT
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SINGAPORE/HONG KONG (Reuters) - Banks including DBS Group, Mitsubishi UFJ Financial Group (MUFG), OCBC and Standard Chartered are set to bid for parts of Citigroup s consumer business in Asia, people with direct knowledge of the matter told Reuters.
The sale process will start within a couple of weeks, the people added, declining to be named as they were not authorised to speak to media.
The move comes after Citi said that it would exit from its consumer franchises in 13 markets, 10 of which are in Asia, as it refocuses on its more lucrative institutional and wealth management businesses in these markets.
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DBS, StanChart Weigh Bids As Citi Retreats From Asia Consumer Business: Report DBS, StanChart Weigh Bids As Citi Retreats From Asia Consumer Business: Report The businesses Citi is exiting had $82 billion in assets and were allocated $7 billion in tangible common equity last year.
Updated: April 20, 2021 6:21 pm IST
Citi has been in India for decades and was among the first to introduce Indians to credit cards in 1987.
Banks including DBS Group, Mitsubishi UFJ Financial Group (MUFG), OCBC and Standard Chartered are set to bid for parts of Citigroup s consumer business in Asia, people with direct knowledge of the matter said.
The sale process will start within a couple of weeks, they added, declining to be named as they were not authorised to speak to media.