UOB completes Citi Vietnam consumer banking deal

UOB’s purchase of Citigroup’s consumer businesses in the four South-East Asian markets for about S$5bil (US$3.71bil or RM16.7bil) marks its biggest acquisition in two decades. — Bloomberg

SINGAPORE: Citigroup says that it has completed the sale of its Vietnam retail banking and consumer credit card businesses to Singapore’s United Overseas Bank (UOB) in a transaction expected to result in a “modest regulatory capital benefit”.

UOB said in a separate statement that it planned to complete the acquisition of Citigroup’s Indonesian consumer banking business by the end of 2023.