operations in 13 markets.
UOB, Southeast Asia's third-largest bank, is acquiring Citi's unsecured and secured lending portfolios, wealth management and retail deposit businesses in the four countries. This includes 24 branches. "It's good in that it is small and affordable, and at 1.2 times book, not too bad for Citi's assets which are known to be high quality."Citi's exit from Southeast Asia comes after CEO Jane Fraser said last year the bank would close retail operations in 13 markets, including 10 in Asia, to refocus on its more lucrative institutional and wealth management businesses.
UOB, which has a market value of about S$50 billion, has been keen to grow outside its core Singapore market, like its bigger Singapore peers, who are all building on recovery from pandemic-hit markets. Excluding one-off transaction costs, UOB expects the deal to immediately boost its earnings per share and return on equity.
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