Citi has completed the sale of its consumer banking unit in Vietnam to UOB as part of a broader deal involving four Southeast Asian markets.
Citi has completed the sale of its Vietnam retail banking and consumer credit card businesses to UOB, according to a statement, which includes the transfer of approximately 575 related staff. The transaction is also expected to result in a «modest» regulatory capital benefit to Citi.
The deal is part of a broader sale agreement for UOB to acquire Citi’s consumer banking business in four markets, including Malaysia, Thailand and Indonesia. The sales of Malaysia and Thailand were completed in November 2022.
Following an announcement to exit 14 consumer banking markets in 2021 as part of a strategic refresh, Citi has signed sales agreements in nine markets, of which six have already been closed. A consumer wind-down in China and Korea as well as an overall wind-down in Russia is also in progress.
