Citigroup to sell Southeast Asian assetsBloombergCitigroup Inc on Thursday agreed to sell consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank (UOB) Ltd for about S$4.9 billion (US$3.6 billion) as Citigroup chief executive officer Jane Fraser continues her push to simplify the New York-based bank. United Overseas Bank is to pay Citigroup a cash consideration for the net assets of the acquired businesses, plus a premium of S$915 million, Citigroup said in a statement. The transaction includes Citigroup’s retail banking and credit card businesses in all four countries, but excludes its institutional offerings. Citigroup expects roughly 5,000 employees to transfer to United Overseas Bank after the deal closes, the statement said. This week, the firm announced that it would also seek to exit its consumer, small-business and middle-market banking businesses in Mexico.

Source: Taipei Times January 14, 2022 16:59 UTC