Citi completes sale of Indonesia consumer business to UOB

This marks Citi’s ninth and final full consumer divestiture in Asia.

Citi has completed the sale of its Indonesia Consumer Banking business to UOB.

This is Citi’s ninth sale completed, and marks the final full consumer divestiture in Asia.

The transaction, first announced in January 2022, is part of a broader sales agreement covering consumer banking across Malaysia, Thailand, Vietnam, and Indonesia.

In total, the sale of these four businesses to UOB has resulted in a regulatory capital benefit of approximately US$1.1b, Citi said in a press release.

“Completing our final divestiture of a full consumer franchise in Asia marks a significant milestone in simplifying the firm,” said Titi Cole, Citi’s Head of Legacy Franchises, said.

“We are sincerely grateful to our former employees in Indonesia and wish them the very best in their careers with UOB,” Cole added.

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