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The UOB Group has reached an agreement to buy Citigroup’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam, Citi announced on Friday.
Citi changes focus to wealth units
Bank exits retail banking in 13 countries, mostly in Asia
published : 17 Apr 2021 at 04:00
1 The Citigroup logo atop a building in Sydney, Australia on Friday. The bank remains committed to maintaining its global network and institutional banking franchises in markets it is exiting.
Citi remains fully committed to Thailand and Asia-Pacific even as it announced plans to exit consumer banking in Thailand and 12 other countries.
This week, the bank announced it would exit consumer banking in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Consumer business in Asia, the Middle East and Asia would be operated through wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.