Citi has successfully concluded the sale of its consumer banking business in Indonesia to UOB, marking the completion of a broader deal encompassing Malaysia, Thailand, and Vietnam. This strategic move has not only strengthened UOB’s presence in the region but also provided Citi with a regulatory capital benefit of approximately $1.1 billion.

This transaction, part of Citi’s global restructuring, represents the ninth sale globally and the final consumer unit divestiture in Asia. The bank embarked on a strategic refresh in 2021, involving exits from consumer banking in 13 markets. Last month, Citi further streamlined its portfolio by selling its China retail wealth portfolio to HSBC.

Citi’s Head of Legacy Franchises, Titi Cole, emphasized the significance of completing the divestiture, describing it as a noteworthy milestone in the firm’s efforts to simplify its operations. The successful execution of this strategy highlights Citi’s commitment and the dedication of its employees across the markets involved.

In response to the acquisition, UOB Group has announced the full integration of Citibank Indonesia’s assets and liabilities into UOB Indonesia. With the addition of Citi’s assets in four ASEAN countries, the acquisition has brought nearly 5,000 individuals into the UOB Group’s team. Currently, UOB boasts a retail customer base of close to eight million in the ASEAN region.

This consolidation aligns with UOB’s commitment to expanding its footprint in Southeast Asia and leveraging strategic acquisitions to enhance its offerings and customer reach.