UOB Mulls Citi Asset Hunt in Asia
In this article (5)
UOB is the latest bank to express interest in potentially acquiring Citi’s retail assets in the Asia Pacific region.
UOB chief executive Wee Ee Cheong said that the Singapore lender would provide more clarity on acquisition plans after Citi release more details later this month.
As long as it’s a strategic fit, is at the right price and makes sense for the long term, we will look at it.
Numerous banks – both global and local – have reportedly expressed interest in potentially acquiring assets from Citi’s 13-market consumer banking exit in Australia, Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, Vietnam, India, and China.
DBS, Standard Chartered, Kotak Mahindra Bank and Axis Bank are reportedly eyeing the opportunities in India.
And Citi’s retail assets in Australia reportedly drew interest from ANZ, ING Bank, Macquarie, Bank of Queensland, and local insurer Suncorp.
Other banks that are also reportedly in the APAC hunt include Singapore’s OCBC and Japan’s Mitsubishi UFJ Financial Group.
Questions & Answers
Q.Which specific Asian markets is UOB interested in acquiring retail assets from Citi?
Which specific Asian markets is UOB interested in acquiring retail assets from Citi?
The article states UOB is interested in Citi's retail assets across the Asia Pacific region generally. It does not specify which of the 13 markets listed UOB is focusing on for potential acquisition.
Q.When can we expect more information from UOB regarding its potential acquisition plans?
When can we expect more information from UOB regarding its potential acquisition plans?
UOB's chief executive stated that the bank would provide further clarity on acquisition plans after Citi releases more details later this month. This indicates more information is expected soon.
Q.What criteria has UOB outlined for considering a potential acquisition of Citi's assets?
What criteria has UOB outlined for considering a potential acquisition of Citi's assets?
UOB's chief executive stated that any acquisition must be a strategic fit, at the right price, and make sense for the long term. These are the key conditions for their consideration.
Q.Which other banks are reportedly interested in Citi's retail assets in the Asia Pacific region?
Which other banks are reportedly interested in Citi's retail assets in the Asia Pacific region?
Other banks reportedly interested in APAC include DBS, Standard Chartered, Kotak Mahindra Bank, Axis Bank (for India), ANZ, ING Bank, Macquarie, Bank of Queensland, Suncorp (for Australia), OCBC, and Mitsubishi UFJ Financial Group.
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