Singapore’s UOB will buy Citi’s retail activities in 4 markets for $ 3.65 billion

Singapore's UOB will buy Citi's retail activities in 4 markets for $ 3.65 billion

“The total cash consideration for the proposed acquisition, will be calculated based on an aggregate premium equivalent to S$915 million plus the net asset value of the consumer business as at completion,” UOB said in a statement on Friday.

Story Highlights:

  • SINGAPORE, Jan 14 (Reuters) – Singapore lender United Overseas Bank (UOB) (UOBH.SI) has agreed to buy Citigroup’s (C.N) consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion ($3.65 billion).

  • It said Citigroup’s consumer business in these markets had an aggregate net asset value of about S$4 billion and a customer base of about 2.4 million as at 30 June 2021. These generated income of about S$0.5 billion in the first half of 2021, UOB said.

($1 = 1.3456 Singapore dollars)

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Reporting by Anshuman Daga in Singapore and Indranil Sarkar in Bengaluru; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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