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Thursday, January 27, 2022

Citi to sell consumer banking business in Southeast Asia to Singapore’s United Overseas Bank

Citigroup announced on Thursday its agreement to sell its consumer banking operations in Thailand, Malaysia, Indonesia and Vietnam to United Overseas Bank (UOB) for approximately US$2.97 billion.

UOB stated that as part of the agreement, it will acquire Citi’s retail deposit divisions, loan portfolios and wealth management, in the four countries consumer banking sectors.

“We are excited to announce this transaction with UOB, a leading pan-Asian institution,” Citi Asia Pacific CEO Peter Babej said. “We are confident that UOB, with its strong culture and broad regional ambitions, will provide excellent opportunities and a long-term home for our consumer banking colleagues in Indonesia, Malaysia, Thailand and Vietnam.”

According to UOB, the company had about 2.4 million customers and a net worth of approximately $2.97 billion as of June 30, 2021.

UOB shares rose 1.23…

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