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Citigroup sets its preferences for $3 billion sales in Asia


Image Courtesy: File

RIYADH: The US-based investment bank Citigroup has chosen favourable bidders for its consumer assets in Asian markets.

The investment banking company chose Bangkok’s Bank of Ayudhya to buy its retail assets in Thailand, with an expected potential $2 billion deal to be negotiated in the coming weeks, Bloomberg reported.

Citigroup has picked Singapore-based United Overseas Bank in Indonesia, with a sale that could raise several hundred million dollars.

Standard Chartered was selected in Malaysia to buy the US lender’s retail consumer assets, and Taiwan’s Fubon Financial Holding Company was chosen for the Chinese assets.

Citigroup made the moves to focus its wealth business around hubs in Hong Kong, London, Singapore and the UAE.

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