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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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 AUD/USD0.7222↑ Sell
 USD/CAD1.2494↑ Buy
 EUR/JPY129.65↑ Sell
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 Gold1,842.20↑ Buy
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 Copper4.4577↑ Sell
 Crude Oil WTI85.88↑ Buy
 Brent Oil88.50↑ Buy
 Natural Gas4.036↑ Sell
 US Coffee C244.00↑ Sell
 Euro Stoxx 504,268.28↑ Buy
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 DAX15,809.72↑ Buy
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 IBEX 358,774.90↑ Sell
 BASF67.800Buy
 Bayer52.12↑ Sell
 Allianz223.80Buy
 Adidas253.60↑ Sell
 Lufthansa6.820↑ Sell
 Siemens AG144.34↑ Buy
 Deutsche Bank AG11.784Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
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