EconomyMarkets

Singapore’s UOB to buy Citi’s retail business in 4 markets for $3.65 billion By Reuters

© Reuters. FILE PHOTO: A man passes by a UOB bank branch in Singapore November 4, 2020. REUTERS/Edgar Su

SINGAPORE (Reuters) – Singapore lender United Overseas Bank (OTC:) (UOB) has agreed to buy Citigroup (NYSE:)’s consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion ($3.65 billion).

“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 in a statement on Friday.

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, UOB said.

($1 = 1.3456 Singapore dollars)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button