US-based Citi has completed the sale of its consumer banking unit in Indonesia to UOB, marking the final Asian market it intends to offload as part of broader strategic plans.
Citi has completed the sale of its Indonesia consumer banking business to UOB, according to a statement. This was part of a broader deal that also includes Malaysia, Thailand and Vietnam. In total, this resulted in a regulatory capital benefit for Citi of around $1.1 billion.
This marks Citi's ninth sale globally and the final consumer unit to be offloaded in Asia as part of a strategic refresh unveiled in 2021 involving consumer banking exits in 13 markets. Last month, it sold its China retail wealth portfolio to London-based HSBC.
«Completing our final divestiture of a full consumer franchise in Asia marks a significant milestone in simplifying the firm. This is a testament to the commitment of our employees across these markets and a clear demonstration of Citi’s ability to execute on our strategy,» said Citi head of legacy franchises Titi Cole.
UOB Integration
Following this acquisition, UOB Group announces the full integration of Citibank Indonesia's assets and liabilities into UOB Indonesia. The entire acquisition of Citi's assets in four ASEAN countries has added close to 5,000 people to the UOB Group's team. Currently, UOB’s retail customer base in ASEAN stands at close to eight million.
