UOB Wins the Bidding for All Citi Group’s Retail Assets in Southeast Asia

United Overseas Bank Ltd. (UOB) will acquire four consumer assets of Citigroup Inc. in Southeast Asia including the retail asset in Thailand in a multibillion-dollar deal.

Citibank Thailand published a press release early Friday, stating that Citi has reached a deal with UOB to sell its consumer-banking businesses in Thailand, Indonesia, Malaysia, and Vietnam. The acquisition will include Citi’s retail banking and credit card businesses excluding institutional business in all four countries.

UOB will also pay a premium of$679.7 million plus the net asset value of the businesses at the time of completion. According to the net asset value of Citi in June, the businesses’ aggregate was approximately $2.97 billion.