binance left Coinmarketcap net_left adver left
Detail

Singapore's UOB to buy Citi retail arms in 4 Southeast Asia markets for $3.65 billion

By Anshuman Daga SINGAPORE (Reuters) -Singapore lender United Overseas Bank (OTC:UOVEY) (UOB) has agreed to buy Citigroup (NYSE:C)'s consumer businesses in Indonesia, Malaysia,...
Singapore's UOB to buy Citi retail arms in 4 Southeast Asia markets for $3.65 billion © Reuters. FILE PHOTO: A man passes by a UOB bank branch in Singapore November 4, 2020. REUTERS/Edgar Su

By Anshuman Daga

SINGAPORE (Reuters) -Singapore lender United Overseas Bank (OTC:UOVEY) (UOB) has agreed to buy Citigroup (NYSE:C)'s consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion ($3.65 billion), funding the purchase with the bank's excess capital.

The proposed acquisition, UOB's biggest in two decades, will double the group's retail customer base in the four markets in Southeast Asia, where UOB already has a large presence and competes with Singapore rivals DBS Group (OTC:DBSDY) and OCBC.

UOB said in a statement that it would acquire Citi's unsecured and secured lending portfolios, wealth management and retail deposit businesses in the four countries.

"UOB believes in Southeast Asia's long-term potential and we have been disciplined, selective and patient in seeking the right opportunities to grow," said Wee Ee Cheong, UOB's deputy chairman and chief executive.

The bank said the proposed acquisition is expected to be financed through its excess capital, and it remains comfortable maintaining its dividend policy of a 50% dividend payout ratio.

Citi's consumer business in the four markets employs about 5,000 employees, who will be transferred to UOB.

"The total cash consideration for the proposed acquisition, will be calculated based on an aggregate premium equivalent to S$915 million plus the net asset value of the consumer business as at completion," UOB said.

It said Citigroup's consumer business in these markets had an aggregate net asset value of about S$4 billion and a customer base of about 2.4 million as at 30 June 2021. These generated income of about S$0.5 billion in the first half of 2021.

Citi's exit from the four markets comes after CEO Jane Fraser announced a strategy last year of closing retail operations in 13 markets, 10 of which are in Asia, as it refocuses on its more lucrative institutional and wealth management businesses.

Last year, Citi agreed to sell its Philippines' consumer banking franchise, wound down its South Korean consumer bank and sold its Australian consumer banking business.

Citigroup had also announced plans to exit retail operations in India, Taiwan and China.

Credit Suisse (SIX:CSGN) (Singapore) is the financial adviser to UOB on the latest deal, while Allen & Overy LLP (Singapore) is the legal adviser.

($1 = 1.3461 Singapore dollars)

ig right nyse right Neteller adver right
APPROVED BROKERS
rakuten_main right top net_home_top ig_main right top Binance _ main right top fbs_main right top tifia_main right top
18-01-2022 11:20:52 (UTC+7)

EUR/USD

1.1334

-0.0073 (-0.64%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

EUR/USD

1.1334

-0.0073 (-0.64%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

GBP/USD

1.3583

-0.0062 (-0.45%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (2)

USD/JPY

114.61

0.01 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

AUD/USD

0.7184

-0.0026 (-0.36%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

USD/CAD

1.2531

+0.0012 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

EUR/JPY

129.90

-0.82 (-0.63%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/CHF

1.0392

-0.0032 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (8)

Gold Futures

1,813.15

-3.35 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Silver Futures

23.497

+0.579 (+2.53%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Copper Futures

4.4123

-0.0082 (-0.19%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Crude Oil WTI Futures

84.31

+1.01 (+1.21%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (3)

Brent Oil Futures

87.00

+0.52 (+0.60%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (4)

Natural Gas Futures

4.346

+0.084 (+1.97%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

239.98

+0.33 (+0.14%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

Euro Stoxx 50

4,269.75

-32.39 (-0.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

S&P 500

4,591.39

-71.46 (-1.53%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (8)

Sell (1)

DAX

15,813.58

-120.14 (-0.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

FTSE 100

7,575.43

-35.80 (-0.47%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Hang Seng

24,112.78

-105.25 (-0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,112.05

-49.50 (-2.29%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

IBEX 35

8,798.63

-40.07 (-0.45%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

BASF SE NA O.N.

68.050

-0.090 (-0.13%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (5)

Bayer AG NA

52.08

-0.74 (-1.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Allianz SE VNA O.N.

226.20

-0.85 (-0.37%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (0)

Adidas AG

255.60

+2.95 (+1.17%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

7.152

-0.089 (-1.23%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

Siemens AG Class N

142.95

-3.05 (-2.09%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (4)

Deutsche Bank AG

11.954

-0.064 (-0.53%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

 EUR/USD1.1334↑ Sell
 GBP/USD1.3583↑ Buy
 USD/JPY114.61↑ Buy
 AUD/USD0.7184↑ Sell
 USD/CAD1.2531↑ Buy
 EUR/JPY129.90↑ Sell
 EUR/CHF1.0392↑ Sell
 Gold1,813.15↑ Sell
 Silver23.497↑ Sell
 Copper4.4123Buy
 Crude Oil WTI84.31Sell
 Brent Oil87.00Neutral
 Natural Gas4.346↑ Buy
 US Coffee C239.98↑ Buy
 Euro Stoxx 504,269.75↑ Buy
 S&P 5004,591.39Neutral
 DAX15,813.58↑ Buy
 FTSE 1007,575.43↑ Buy
 Hang Seng24,112.78↑ Buy
 Small Cap 20002,112.05↑ Sell
 IBEX 358,798.63↑ Buy
 BASF68.050Neutral
 Bayer52.08↑ Buy
 Allianz226.20↑ Buy
 Adidas255.60↑ Sell
 Lufthansa7.152Sell
 Siemens AG142.95↑ Sell
 Deutsche Bank AG11.954↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,167
SJC HCM6,110/ 6,170
(0/ 0) # 1,183
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,185
SJC Danang6,110/ 6,172
(0/ 0) # 1,185
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,185
SJC Cantho6,110/ 6,172
(0/ 0) # 1,185
Cập nhật 18-01-2022 11:20:56
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,814.87-4.45-0.24%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$84.93+0.460.55%
Brent$87.04+0.620.72%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.560,0022.870,00
EUR25.241,6226.656,50
GBP30.202,2531.491,85
JPY191,95203,20
KRW16,5120,11
Cập nhật lúc 18:54:36 18/01/2022
Xem bảng tỷ giá hối đoái
binance main right Fxpro Main Right aetos main right adver main right