Citi to sell retail arms in 4 Southeast Asian markets to Singapore's UOB for $3.65 bln

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Citi to sell retail arms in 4 Southeast Asian markets to Singapore's UOB for $3.65 bln
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Citigroup has agreed to sell its consumer business in four Southeast Asian markets to United Overseas Bank (UOB) for S$4.915 billion ($3.65 billion), bringing the U.S. bank closer to its goal of exiting retail operations in 13 markets.

Citi's exit from Southeast Asia comes after CEO Jane Fraser said last year the bank would close retail operations in 13 markets, including 10 in Asia, to refocus on its more lucrative institutional and wealth management businesses.

"UOB believes in Southeast Asia's long-term potential and we have been disciplined, selective and patient in seeking the right opportunities to grow," said Wee Ee Cheong, UOB's deputy chairman and chief executive. Citi's consumer business in the four markets employs about 5,000 employees, who will be transferred to UOB.

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