Citi to sell South-East Asia retail business to Singapore's UOB for US$3.7 billion

FILE PHOTO: Construction workers install Citibank's neon sign on its Singapore main office at the central business district November 29, 2011. - Reuters

SINGAPORE, Jan 15 (Reuters): Citigroup has agreed to sell its consumer business in four South-East Asian markets to United Overseas Bank (UOB) for about S$5 billion ($3.7 billion), bringing the US bank closer to its goal of exiting retail operations in 13 markets.

The proposed acquisition by Singapore's UOB will be its biggest in two decades and double its retail customer base in the four markets in Southeast Asia, where the bank already has a substantial presence and competes with larger rivals including DBS Group and OCBC.