On March 1, Citi announced the completion of two divestitures that mark the sixth and seventh as part of its strategy to exit of consumer banking in 14 markets.
Citi first announced its agreement with UOB in January 2022, noting that the deal would see UOB Group pay approximately S$5 billion $3.71 billion, including a premium of S$915, for its retail and credit card assets in Thailand, Malaysia, Indonesia and Vietnam.
The sale of the Malaysia and Thailand franchises completed in November while the sale of the Indonesian business is expected to close in the second half of this year, according to the bank’s third...
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