Continue reading this on our app for a better experience

Open in App
Floating Button
Home News Zest

UOB reportedly among three potential bidders for Citi’s consumer banking assets in Malaysia

Atiqah Mokhtar
Atiqah Mokhtar • 2 min read
UOB reportedly among three potential bidders for Citi’s consumer banking assets in Malaysia
The other potential bidders are Standard Chartered and Hong Leong Bank, according to sources.
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

United Overseas Bank (UOB) is one of at least three potential bidders in the race for Citigroup’s consumer banking assets in Malaysia, according to a report by The Edge Malaysia.

Citi Malaysia’s consumer business comprises credit cards, wealth management and mortgages. Binding bids are expected by the end of the month, industry sources say.

The other potential bidders are Standard Chartered and Malaysia's Hong Leong Bank.

In April, Citi had announced it would exit retail banking in 13 markets across Asia and the Europe, Middle East and Africa region. The move is part of an ongoing review of the company’s strategy, with CEO Jane Fraser stating the bank lacked the scale to compete in those markets.

See also: UOB launches green financing solution for EVs in Singapore

Besides Malaysia, the bank will exit its consumer franchises in Australia, Bahrain, China, India, Indonesia, South Korea, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

See also: New Key Summary 123

Citi Malaysia reported a net profit of RM391.59 million ($126.45 million) for its 1HFY2021 ended June, with a total asset value of RM40.8 billion as of June 30.

Sources say Citi Malaysia’s credit card business is the main draw for potential bidders. The bank is understood to be the third-largest credit card player in the Malaysian market after Maybank and CIMB.

As at 11am, UOB shares are trading up 37 cents or 1.46% higher at $25.77.`

Highlights

Re test Testing QA Spotlight
1000th issue

Re test Testing QA Spotlight

Get the latest news updates in your mailbox
Never miss out on important financial news and get daily updates today
×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.