UOB Mulls Citi Asset Hunt in Asia

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.