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Bangkok Post
Bangkok Post
Business

Singapore's UOB completes deal for Citi's Thailand, Malaysia retail banking ops

UOB Singapore Malaysia Thailand Citigroup
File photo

SINGAPORE: Citigroup said on Tuesday it had completed the sale of its Thailand and Malaysia retail banking businesses to Singapore's United Overseas Bank (UOB) in a transaction expected to result in a regulatory capital benefit of $1 billion.

UOB said in a separate statement that it expects to complete the acquisition of Citigroup's consumer banking businesses in Indonesia and Vietnam next year.

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