Citigroup announced on Friday that it was selling its four remaining consumer banking franchises in south-east Asia to Singapore’s United Overseas Bank, part of a plan to exit its retail business in 13 Asia-Pacific and European countries.
The US lender did not disclose the value of the sale of its consumer banks in Indonesia, Malaysia, Thailand and Vietnam, but said UOB would pay a S915m (US$680m) premium over the net asset value of the businesses.
The sale will cover all of Citi’s 5,000 banking and support staff in the four franchises, who will be transferred to UOB, a leading regional bank with a network in south-east Asia and China, upon the deal’s closing.
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