The proposed acquisition by Singapore's UOB will be its biggest in two decades and double its retail customer base in the four markets in Southeast Asia, where the bank already has a substantial presence and competes with larger rivals including DBS Group and OCBC.
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.
Citi's consumer business in the markets employs about 5,000 employees, who will be transferred to UOB.
UOB, which has a market value of about USD 50 billion, has been keen to grow outside its core Singapore market, like its bigger Singapore peers, who are all building on a recovery from pandemic-hit markets.
Citigroup had said it would also exit retail operations in India, Taiwan, and China.
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