SINGAPORE: United Overseas Bank said on Friday that it has agreed to buy Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion.
The move comes after Citigroup announced in Apr last year that it will exit 13 international consumer banking markets. It also comes on the back of Citigroup announcing their"The acquisition ... is a great opportunity that comes at the right time. UOB believes in Southeast Asia’s long-term potential and we have been disciplined, selective and patient in seeking the right opportunities to grow," said Mr Wee Ee Cheong, deputy chairman and CEO of UOB.
Citigroup’s consumer business had an aggregate net asset value of about S$4 billion as of end-June last year. UOB said it intends to bring onboard Citigroup's 5,000 consumer business employees in those markets, including senior leadership.
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