Citi's consumer business had an aggregate net value of about 4 billion Singapore dollars and a customer base of approximately 2.4 million as of June 30, 2021, UOB said.
"UOB believes in Southeast Asia's long-term potential and we have been disciplined, selective and patient in seeking the right opportunities to grow," Wee Ee Cheong, deputy chairman and chief executive officer at UOB, said in a statement. "The acquired business, together with UOB's regional consumer franchise, will form a powerful combination that will scale up UOB Group's business and advance our position as a leading regional bank," Wee said.Citi said it expects the deal to release approximately $1.2 billion of allocated tangible common equity and an increase to tangible common equity of over $200 million.is a measure used to assess a financial institution's ability to deal with potential losses.
to improve returns. Many of those markets are in Asia-Pacific, including Australia, China, India and Indonesia.
They are also closing Their consumer banking in Mexico: Banamex