BAY Wins Citi Bid, Grabs Thai Retail Customers, Raises $2 Billion

Bloomberg news agency reports. Citing sources from Bank of Ayudhya (BAY) that it has won the bid to buy Citigroup’s microfinance portfolio in Thailand.

The source stated that after Citigroup chose Krungsri Bank as the winning bidder for the loan portfolio. Both parties will negotiate terms and conditions. The total value of this transaction will be approximately $2 billion.

However, Bloomberg also stated that A number of other banks in multiple countries have been acquiring multinational retail clients, including Singapore’s United Overseas Bank looking to acquire Citibank Indonesia, Taiwan’s Fubon Financials Holding looking to acquire Taiwan. And Union Bank also grabbed Citibank in the Philippines.

Source: ryt9, business nation

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