Singapore’s Third Largest Lender to Buy Citigroup’s Consumer Business in Four ASEAN Countries

(The Straits Times) — UOB has agreed to acquire Citigroup’s consumer banking franchise in Indonesia, Malaysia, Thailand and Vietnam for about S$4.9 billion ($3.6 billion).

UOB will pay a cash consideration for the net asset value of the business as at completion plus a premium of S$915 million, the bank said in a statement on Friday. The business had an aggregate net asset value of about S$4 billion as at June 30 last year.