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.