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SINGAPORE - Citigroup has agreed to sell its consumer business in four Southeast Asian markets to United Overseas Bank (UOB) for about S$5 billion, bringing the US bank closer to its goal of exiting retail operations in 13 markets. The proposed acquisition by Singapore's UOB will be its biggest in two decades and double its retail customer base in the...
Citigroup has agreed to sell its consumer business in four South-East Asian markets to United Overseas Bank (UOB) for about S$5 billion ($3.7 billion), bringing the US bank closer to its goal of exiting retail operations in 13 markets.
KUALA LUMPUR: United Overseas Bank Limited (UOB)’s subsidiaries have entered into agreements to acquire Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam.
Citigroup Inc agreed to sell consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank (UOB) Ltd for about S$4.9 billion (US$3.6 billion), as Chief Executive Officer Jane Fraser continues her push to simplify the New York-based bank.
Citi on Friday announced it has reached an agreement with UOB Group (UOB) on the acquisition of Citi’s consumer banking franchises in Việt Nam, Indonesia, Malaysia and Thailand.