operations in 13 markets.
UOB, Southeast Asia's third-largest bank, is acquiring Citi's unsecured and secured lending portfolios, wealth management and retail deposit businesses in the four countries. This includes 24 branches. "It's good in that it is small and affordable, and at 1.2 times book, not too bad for Citi's assets which are known to be high quality."Citi's exit from Southeast Asia comes after CEO Jane Fraser said last year the bank would close retail operations in 13 markets, including 10 in Asia, to refocus on its more lucrative institutional and wealth management businesses.
UOB, which has a market value of about S$50 billion, has been keen to grow outside its core Singapore market, like its bigger Singapore peers, who are all building on recovery from pandemic-hit markets. Excluding one-off transaction costs, UOB expects the deal to immediately boost its earnings per share and return on equity.
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UPDATE 3-Singapore's UOB to buy Citi retail arms in 4 Southeast Asia markets for $3.65 blnSingapore lender United Overseas Bank (UOB) has agreed to buy Citigroup's consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion ($3.65 billion), funding the purchase with the bank's excess capital. The proposed acquisition, UOB's biggest in two decades, will double the group's retail customer base in the four markets in Southeast Asia, where UOB already has a large presence and competes with Singapore rivals DBS Group and OCBC . Stupid to invest in what others give up the market! Time to sell UOB share... Wrong investment
Source: YahooSG - 🏆 3. / 71 Read more »
UPDATE 3-Singapore's UOB to buy Citi retail arms in 4 Southeast Asia markets for $3.65 blnSingapore lender United Overseas Bank (UOB) has agreed to buy Citigroup's consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion ($3.65 billion), funding the purchase with the bank's excess capital. The proposed acquisition, UOB's biggest in two decades, will double the group's retail customer base in the four markets in Southeast Asia, where UOB already has a large presence and competes with Singapore rivals DBS Group and OCBC . Stupid to invest in what others give up the market! Time to sell UOB share... Wrong investment
Source: YahooSG - 🏆 3. / 71 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
UOB to buy Citigroup's consumer business in 4 countries for about S$4.9 billionSINGAPORE: United Overseas Bank (UOB) said on Friday (Jan 14) that it has agreed to buy Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion. The proposed acquisition includes Citigroup\u0027s unsecured and secured lending portfolios, wealth manag
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »