Linklaters advised Citi to sell its five consumer banking franchises in Southeast Asia, including the sale of Citi’s Philippines franchise to Union Bank of the Philippines and consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank (UOB). Allen & Overy advised UOB.
The transactions in the Philippines are expected to close in the second half of 2022, while the transactions in Indonesia, Malaysia, Thailand and Vietnam will close between mid-2022 and early 2024, subject to relevant regulatory approvals. Citi’s decision aligns with its strategic plan to shift the focus of its consumer business in Asia to wealth management.
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