![]() ![]() The bank earlier closed its sales in Australia, Bahrain, Malaysia, the Philippines and Thailand, bringing its total number of completed divestitures to seven. ![]() The latest announcement said that the Vietnam transaction would result in “a modest regulatory capital benefit to Citi” the bank declined to be more specific for regulatory reasons.Ĭiti APAC CEO, Peter Babej, said in the release, “Citi remains deeply committed to Vietnam, and we will invest further to support institutional clients locally and across our global network.” The sale of the Malaysia and Thailand franchises completed in November while the sale of the Indonesian business is expected to close in the second half of this year, according to the bank’s third quarter 2022 earnings results presentation. On March 1, Citi announced the completion of two divestitures that mark the sixth and seventh as part of its strategy to exit of consumer banking in 14 markets.Ĭiti first announced its agreement with UOB in January 2022, noting that the deal would see UOB Group pay approximately S$5 billion ($3.71 billion), including a premium of S$915, for its retail and credit card assets in Thailand, Malaysia, Indonesia and Vietnam. ![]()
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