UOB is to buy Citi’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam, in the most significant step yet in the US bank’s mission to shed weight and divest most of its retail operations in Asia. The deal doubles UOB’s consumer presence in four key Asean markets.
The purchase price is close to S$5 billion (US$3.7 billion): a cash consideration for the net assets of the business, which UOB says is approximately S$4 billion, and a premium on top of that, which Citi says is S$915 million.
The deal covers the retail and credit card businesses in the four jurisdictions, but not the institutional businesses.
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