Citi completes sale of Indonesia consumer business to UOB

Citi has completed the sale and migration of its Indonesia consumer businesses to UOB Indonesia (UOBI). The sale includes retail banking, credit card, and unsecured lending businesses, as well as the transfer of an unspecified number of employees. It doesn’t include Citi’s institutional business in the country. 

A Citi spokesperson declined to give the number of employees moving with the business when asked by FinanceAsia but said “we have large remaining businesses across our institutional businesses”. Citi Indonesia posted a net income of IDR1.7 trillion ($110 million) in Q3 2023, a 46% increase from the previous year, primarily driven by higher net interest income across its banking, markets and services businesses.

Citi and UOB first announced the transaction in January 2022 as part of a broader sale agreement covering consumer banking across Malaysia, Thailand,…