A Citibank branch in New York, U.S., on Friday, Jan. 7, 2022.
Victor J. Blue | Bloomberg | Getty Images
Citigroup will sell its consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank, the banks announced Friday.
As part of the deal, UOB said it will acquire Citi’s unsecured and secured lending portfolios, wealth management and retail deposit units that make up its consumer banking business in the four markets.
UOB, which has a prominent presence in Southeast Asia, will pay Citigroup for the net assets of the acquired businesses as well as a premium of $690 million.
Citi’s consumer business had an aggregate net value of about 4 billion Singapore dollars ($2.97 billion) and a customer base of approximately 2.4 million as of June 30, 2021, UOB said.
The proposed transaction is expected to be financed through the bank’s excess capital and…
