Citi to Sell Southeast Asian Assets in $3.6 Billion Deal

United Overseas Bank set to acquire consumer businesses
Indonesia, Malaysia, Thailand, Vietnam units part of sale

Outside a Citigroup Inc. Citibank branch in Kuala Lumpur in 2020.
Photographer: Samsul Said/Bloomberg

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By Jennifer Surane

January 14, 2022 at 12:49 AM UTC

Updated on

January 14, 2022 at 1:36 AM UTC

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Citigroup Inc. agreed to sell consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank Ltd. for about S$4.9 billion ($3.6 billion) as Chief Executive Officer Jane Fraser continues her push to simplify the New York-based bank.

UOB will pay Citigroup a cash consideration for the net assets of the acquired businesses plus a premium of S$915 million, Citigroup said Thursday in a statement. The transaction includes Citigroup’s retail banking and credit card businesses in all four countries but excludes its institutional offerings.