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Detail

Singapore's UOB to buy Citi retail operations in 4 countries 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 operations in 4 countries 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.

UOB, which already has a large presence in Southeast Asia, 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 that it remains comfortable maintaining its dividend policy of a 50% dividend payout ratio.

"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.

($1 = 1.3461 Singapore dollars)

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 EUR/USD1.1417↑ Sell
 GBP/USD1.3676↑ Sell
 USD/JPY114.44↑ Buy
 AUD/USD0.7207Sell
 USD/CAD1.2541↑ Buy
 EUR/JPY130.66↑ Buy
 EUR/CHF1.0442↑ Buy
 Gold1,818.35↑ Sell
 Silver23.038↑ Buy
 Copper4.4240↑ Buy
 Crude Oil WTI83.58↑ Buy
 Brent Oil86.25↑ Buy
 Natural Gas4.298↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,272.19Buy
 S&P 5004,662.85↑ Buy
 DAX15,883.24↑ Buy
 FTSE 1007,542.95Sell
 Hang Seng24,226.00↑ Sell
 Small Cap 20002,161.48↑ Buy
 IBEX 358,806.60↑ Buy
 BASF68.110Sell
 Bayer52.59↑ Sell
 Allianz227.00↑ Sell
 Adidas252.35Buy
 Lufthansa7.241↑ Buy
 Siemens AG145.86Neutral
 Deutsche Bank AG11.954Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,148
SJC HCM6,110/ 6,170
(10/ 0) # 1,163
SJC Hanoi6,110/ 6,172
(10/ 0) # 1,165
SJC Danang6,110/ 6,172
(10/ 0) # 1,165
SJC Nhatrang6,110/ 6,172
(10/ 0) # 1,165
SJC Cantho6,110/ 6,172
(10/ 0) # 1,165
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Ngoại tệMua vàoBán ra
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JPY192,66203,94
KRW16,5020,10
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