Citi to sell four Southeast Asia Consumer business to UOB Group

Seeking Alpha2022-01-14

Citigroup has reached agreement with Singapore’s United Overseas Bank on the acquisition of its consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.The transaction includes ...

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Comments

HTChin
2022-01-15
HTChin
Can expect higher dividend payout and share price to catch up with DBS in the near future (DBS is now trading at $35)...
Tendollar
2022-01-14
Tendollar
Finally UOB going big outside Singapore.
Mtan23
2022-01-14
Mtan23
Good read
Ken7979
2022-01-14
Ken7979
Really positive!
koolgal
2022-01-14
koolgal
Great news for UOB shareholders as UOB is buying over Citigroup consumer banking business in 4 Asean countries! This will increase the customer base of UOB Group! Go UOB!
Simran Lion
2022-01-14
Simran Lion
Ok

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href=https://seekingalpha.com/news/3788160-citi-to-sell-four-southeast-asia-consumer-business-to-uob-group><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Citigroup  has reached agreement with Singapore’s United Overseas Bank  on the acquisition of its consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.The transaction includes ...</p>\n\n<a href=\"https://seekingalpha.com/news/3788160-citi-to-sell-four-southeast-asia-consumer-business-to-uob-group\">Source 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banking franchises in Indonesia, Malaysia, Thailand and Vietnam.The transaction includes retail banking and credit card businesses but excludes the bank’s institutional businesses in all four countries.The purchase price includes net asset value of about S$4B of the businesses being sold and a premium of S$915M ($690M) paid by UOB.Approx. 5,000 Citi consumer banking staff and supporting employees in the four markets are expected to transfer to UOB.Upon closing, the bank expects the transaction to result in the release of ~$1.2B of allocated tangible common equity, as well as an increase to tangible common equity of over $200M.“The sale of these four consumer markets, along with our previously announced transactions, demonstrate our sense of urgency to execute our strategic refresh,\" said Mark Mason, Citi CFO.The deal to be completed between mid-2022 and early 2024, depending on the progress and outcome of regulatory approvals.Last year, Citi said it was exiting retail banking in 13 countries outside U.S. to focus more on wealth management.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9005131220,"gmtCreate":1642205105277,"gmtModify":1676533691520,"author":{"id":"3558572212270238","authorId":"3558572212270238","name":"HTChin","avatar":"https://static.tigerbbs.com/18b5addeebc1b55d0e0aa45772b119a3","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3558572212270238","idStr":"3558572212270238"},"htmlText":"Can expect higher dividend payout and share price to catch up with DBS in the near future (DBS is now trading at $35)...","listText":"Can expect higher dividend payout and share price to catch up with DBS in the near future (DBS is now trading at $35)...","text":"Can expect higher dividend payout and share price to catch up with DBS in the near future (DBS is now trading at $35)...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005131220","repostId":1125504839,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9005309637,"gmtCreate":1642164923933,"gmtModify":1676533687963,"author":{"id":"3574249039232152","authorId":"3574249039232152","name":"Tendollar","avatar":"https://static.tigerbbs.com/f605c975630017596221e6b84fd5350f","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3574249039232152","idStr":"3574249039232152"},"htmlText":"Finally UOB going big outside Singapore.","listText":"Finally UOB going big outside Singapore.","text":"Finally UOB going big outside Singapore.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005309637","repostId":1125504839,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9005971050,"gmtCreate":1642161681514,"gmtModify":1676533687757,"author":{"id":"3579572647008782","authorId":"3579572647008782","name":"Mtan23","avatar":"https://static.tigerbbs.com/21a2ddfc414d0d3eab50e895e776bf23","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3579572647008782","idStr":"3579572647008782"},"htmlText":"Good read&nbsp;","listText":"Good read&nbsp;","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005971050","repostId":1125504839,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9005958034,"gmtCreate":1642153914537,"gmtModify":1676533687188,"author":{"id":"3558513945558541","authorId":"3558513945558541","name":"Ken7979","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"3558513945558541","idStr":"3558513945558541"},"htmlText":"Really positive!&nbsp;","listText":"Really positive!&nbsp;","text":"Really positive!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005958034","repostId":1125504839,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9005927118,"gmtCreate":1642152227681,"gmtModify":1676533686899,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3559581955535845","idStr":"3559581955535845"},"htmlText":"Great news for UOB shareholders as UOB is buying over Citigroup consumer banking business in 4 Asean countries!&nbsp; This will increase the customer base of UOB Group! Go UOB!&nbsp;","listText":"Great news for UOB shareholders as UOB is buying over Citigroup consumer banking business in 4 Asean countries!&nbsp; This will increase the customer base of UOB Group! Go UOB!&nbsp;","text":"Great news for UOB shareholders as UOB is buying over Citigroup consumer banking business in 4 Asean countries! This will increase the customer base of UOB Group! Go UOB!","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005927118","repostId":1125504839,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":697094922,"gmtCreate":1642150833406,"gmtModify":1676532579513,"author":{"id":"4088165875992940","authorId":"4088165875992940","name":"Simran Lion","avatar":"https://static.tigerbbs.com/5eb075787d24d94766b7ec227269e1bd","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4088165875992940","idStr":"4088165875992940"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/697094922","repostId":1125504839,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":36,"commentSize":8,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1125504839"}