DBS, StanChart bid for Citi’s Asia retail units

Some leading banks, including Singapore’s DBS Group Holdings Ltd. and Standard Chartered PLC, have announced their intention to tender bids for Citigroup Inc.’s retail banking assets in Asia.

This report comes on the heels of Citi’s plans to leave the retail banking business in several markets in the region. Binding offers for Citi’s retail operations in Indonesia, the Philippines, Taiwan, and Thailand are due Oct. 22, while bids for its India business are due in the week beginning Oct. 25.

One of Citi’s execs in Asia indicated that talks with potential buyers are currently in process and that the firm has been flooded with the attention of a vast range of interesting bidders.

DBS’s intention is to bid specifically for Citi’s assets in Indonesia and Taiwan, while StanChart is going specifically for the lender’s assets in Taiwan. Further, Cathay Financial Holding Co. Ltd. and Fubon Financial Holding Co. Ltd. may submit bids for assets in Taiwan. 

Bangkok Bank PCL and Bank of Ayudhya PCL are some of those that have expressed interest in Citi’s assets in Thailand which is worth approximately US$2 billion.