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Citi to sell Southeast Asia retail business in $3.7 bln deal to Singapore's UOB

13 Sept 11:08 Key points summarised by AI

Citigroup is selling its consumer banking business in four Southeast Asian markets to United Overseas Bank (UOB) for approximately $3.7 billion.
This acquisition represents UOB's largest in two decades, poised to double its retail customer base and significantly strengthen its presence in key regional markets.
The divestment aligns with Citi's broader strategy to exit retail operations in 13 markets globally, enabling the bank to refocus on its more lucrative institutional and wealth management businesses.
The deal includes Citi's unsecured and secured lending, wealth management, and retail deposit portfolios, with approximately 5,000 employees transferring to UOB.

Yesterday 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.