When Citi set out plans in April 2021 to exit retail banking in 13 markets, most of them in Asia, it caused quite a stir. But when, nine months later, the US bank said it would sell four of those consumer franchises, all of them in southeast Asia, to Singapore’s United Overseas Bank for around S$4.9 billion ($3.6 billion), no one was surprised.
The sale was one of those rare events when all the stars align.
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