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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. 

Outside a Citigroup Inc. Citibank branch in Kuala Lumpur in 2020. 

Photographer: Samsul Said/Bloomberg
Updated on

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.