The proposed acquisition by UOB will be its biggest in two decades and will double the group's retail customer base in the four markets in Southeast Asia, where the Singapore bank already has a large presence and competes with rivals DBS Group and OCBC.
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.
"Focusing our business through these actions will facilitate additional investment in our strategic focus areas, including our institutional network across Asia Pacific, driving optimal returns for Citi," Peter Babej, Citi's Asia Pacific CEO, said in a statement on Friday.
Details Of Deal
- UOB is buying Indonesia, Malaysia, Thailand and Vietnam operations
- The move is to fund retail business acquisition with internal capital
- The proposed acquisition by UOB will be its biggest in two decades
- Purchase will double UOB's retail business in four markets
- Citi's sale is part of strategy to focus on wealth management
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