UPDATE 3-Singapore's UOB to buy Citi retail arms in 4 Southeast Asia markets for $3.65 bln

* To fund retail business acquisition with internal capital* Citi's sale is part of strategy to focus on wealth management SINGAPORE, Jan 14 - Singapore lender United Overseas Bank has agreed to buy Citigroup's consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion , funding the purchase with the bank's excess capital.

UOB said in a statement that it would acquire Citi's unsecured and secured lending portfolios, wealth management and retail deposit businesses in the four countries. The bank said the proposed acquisition is expected to be financed through its excess capital, and it remains comfortable maintaining its dividend policy of a 50% dividend payout ratio.

"The total cash consideration for the proposed acquisition, will be calculated based on an aggregate premium equivalent to S$915 million plus the net asset value of the consumer business as at completion," UOB said.

Stupid to invest in what others give up the market! Time to sell UOB share... Wrong investment

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