Citi has announced the completion of its third and fourth divestitures, as part of 14 planned exits from its international consumer business. The bank first announced plans to exit 13 consumer markets across Asia and EMEA, while retaining four hubs Singapore, Hong Kong, London and the UAE in April 2021, before adding Mexico to its exit strategy in January 2022.
Singapore-headquartered UOB Bank announced its intent to acquire Citi’s retail banking and consumer credit card businesses in Malaysia and Thailand, in January. At the same time, it agreed to acquire Citi’s consumer enterprises in Indonesia and Vietnam, and to pay Citi a cash consideration for the net...
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