![]() ![]() Sales in Malaysia and Thailand were completed on November 1 2022. ![]() ![]() The deal with UOB was part of a broader sale agreement covering consumer banking across Malaysia, Thailand, Vietnam and Indonesia, excluding the bank’s institutional businesses. In the deal, first announced in January 2022, UOB agreed to pay Citi cash consideration for the net assets of the acquired businesses, subject to customary closing adjustments, plus a premium of S$915 million (US$690 million].Īt the time, Citi said the deal would result in the release of approximately US$1.2 billion of allocated tangible common equity, as well as an increase to tangible common equity of over US$200 million. The transaction is expected to result in a “modest regulatory capital benefit” to Citi, the New York City-based bank says in a statement. Citi has completed the sale of its Vietnam retail banking and consumer credit card businesses to United Overseas Bank (UOB), including the transfer of 575 related staff. ![]()
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