, Indonesia
117 views
Photo by Hakan Dahlstrom via Flickr. No edits made except for cropping.

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.

Follow the links for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ZA Bank’s Devon Sin on why Web3 is key to HK’s growth
The bank has expanded services to cater to stablecoin issuers and Web3 companies. 
Retail Banking
CIMB Niaga leads the way in captivating Indonesia’s youth
The bank’s digital solutions are winning over younger generations with 3.2M mobile users and 96% digital transaction rate in 2023.
BCA sets benchmark in Indonesia’s microfinance sector
Innovative approaches reflect the bank’s commitment to pushing financial inclusion and fostering economic growth.