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The UOB Group has reached an agreement to buy Citigroup’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam, Citi announced on Friday.
KUALA LUMPUR, Jan 14 — United Overseas Bank Ltd (UOB)’s subsidiaries will acquire Citigroup’s consumer banking businesses, comprising its unsecured and secured lending portfolios, wealth management and retail deposit businesses in Indonesia, Malaysia, Thailand and Vietnam for SG$915...
Citigroup has agreed to sell its consumer business in four Southeast Asian markets to United Overseas Bank (UOB) for $3.65 billion
Under CEO Jane Fraser, Citigroup is focusing on building out its growing wealth management arm.
Citigroup Inc on Thursday 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 Citigroup chief executive officer Jane Fraser continues her push to simplify the New York-based bank. United Overseas Bank is to pay Citigroup a cash consideration for the net assets of the acquired businesses, plus a premium of S$915 million, Citigroup said in a statement. The transaction includes Citigroup’s retail banking and credit card businesses in all four countries, but excludes its institutiona...