UOB buys part of Citi’s business in Vietnam

Citi has announced that it has completed the sale of its retail banking and consumer credit card businesses in Vietnam to United Overseas Bank Limited (UOB). The sale, which includes the transfer of approximately 575 employees, was first announced in January 2022 as part of a broader agreement to sell consumer banking businesses across Malaysia, Thailand, Vietnam, and Indonesia, while excluding institutional businesses. Sales in Malaysia and Thailand were completed on November 1, 2022.

The sale of Citi’s Vietnam consumer business is expected to result in a modest regulatory capital benefit to the company. The company has previously announced its intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East, and Mexico as part of its strategic refresh. The company has now signed sales agreements in nine markets and closed sales in six, including Australia, Bahrain, Malaysia, the Philippines, Thailand, and Vietnam. Citi has also announced the wind-downs of its consumer businesses in China and Korea, and the wind-down of Citi’s overall presence in Russia is ongoing.

Citi Asia Pacific CEO Peter Babej said that the sale is positive news for customers, colleagues, and the company. He added that Citi remains deeply committed to Vietnam and will continue to invest in supporting institutional clients locally and globally. Babej expressed his gratitude to former employees and customers for their support and commitment, and wished them continued success.

Citi Legacy Franchises CEO Titi Cole said that the completed sale of the consumer business in Vietnam brings the company closer to fulfilling its divestiture mandate as part of its strategy refresh. Cole expressed confidence that former employees will have a bright future at UOB, and she looks forward to seeing them thrive.