NEW YORK - Citi announced today it has completed the sale of its Vietnam retail banking and consumer credit card businesses to United Overseas Bank Limited (UOB), which includes the transfer of approximately 575 related staff.
The transaction is expected to result in a modest regulatory capital benefit to Citi.
Citi and UOB first announced the transaction in January 2022 as part of a broader sale agreement covering consumer banking across Malaysia, Thailand, Vietnam and Indonesia and excluding the bank’s institutional businesses. Sales in Malaysia and Thailand were completed on November 1, 2022.
Since announcing intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has signed sales agreements in nine markets and has now closed sales in six markets including Australia, Bahrain, Malaysia, the Philippines and Thailand, in addition to Vietnam. The firm previously announced wind-downs of Citi’s consumer business in China and Korea, and the wind-down of Citi’s overall presence in Russia is in progress.
Citi Asia Pacific CEO Peter Babej said, “Today’s announcement is positive for our customers, our colleagues and our firm. Citi remains deeply committed to Vietnam, and we will invest further to support institutional clients locally and across our global network. We thank former employees and customers for their commitment and support, and wish them continued success.”
Citi Legacy Franchises CEO Titi Cole said, “The completed sale of our consumer business in Vietnam puts us one step closer to delivering on our divestiture mandate as part of the firm’s strategy refresh. We are confident that our former employees have a bright future at UOB, and we look forward to seeing them thrive.”
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
|James Griffiths, Hong Kong||Danielle Romero Apsilos, New York|
|852 2868 7668||212 816 2264|
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Certain statements in this release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, macroeconomic and local market conditions; satisfaction of closing conditions; governmental or regulatory requirements and actions; Citi’s incurrence of unexpected losses, charges or other costs in connection with the sales and wind downs of its remaining consumer banking exits; the imposition of additional sanctions and export controls; and the precautionary statements included in this release. These factors also consist of those contained in Citi’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citi’s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.