Citi remains deeply committed to Vietnam, and we will invest further to support institutional clients locally and across our global network. The Malaysia and Thailand business sales were completed on Nov 1, 2022.Ĭitigroup Asia Pacific CEO, Peter Babej, noted, “Today’s announcement is positive for our customers, our colleagues and our firm. Citigroup had expected the transaction to release $1.2 billion of allocated tangible common equity and increase tangible common equity by more than $200 million. The transaction was announced in January 2022 as part of a broader sale agreement covering consumer banking businesses across Malaysia, Thailand, Vietnam and Indonesia, and excluding the bank’s institutional businesses.Īt the time of the announcement, the wall street biggie noted that UOB would pay Citigroup cash consideration for the net assets of the acquired businesses, subject to customary closing adjustments, along with a premium of S$915 million (US$690 million). The transaction is anticipated to result in a modest regulatory capital benefit to Citigroup. The sale also includes the transfer of approximately 575 related staff. C announced the completion of the sale of its Vietnam retail banking and consumer credit card businesses to United Overseas Bank Limited or UOB.
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