Citi Names Standard Chartered As Preferred Bidder For Its Malaysian Consumer Assets
Author Avatar
(Image: Global Business Outlook)

Citigroup Inc (Citi) has named Standard Chartered Bank as the preferred bidder for its Malaysian retail consumer assets while Citi proceeds with its plan to exit from retail banking in several markets, including Malaysia.

That said, Citi clarifies that no final decision has been made yet, and that deliberations are still ongoing with numerous other interested bidders. “Citigroup continues to focus on securing the best outcomes for its people and clients, and its strategy refresh prioritising wealth and institutional businesses across the region is showing strong results, bolstered by a record year for capital raising,” said a spokesperson for Citi, who also declined to comment on the ongoing discussions.

Aside from revealing Standard Chartered as Citi’s preferred choice for Malaysia’s retail assets, the bank also disclosed the top picks for its other markets. For instance, the New York-based group has shortlisted Bank of Ayudhya Pcl as the leading suitor to buy its retail assets in Thailand, while Taiwan’s Fubon Financial Holding emerged as the preferred bidder for Citi’s Chinese assets. Citi also chose Singaporean lender United Overseas Bank Ltd as the preferred bidder for its Indonesian market.

(Image: The Edge Markets)

Earlier this year, Citi had announced that it will exit its consumer franchises in 13 markets across two regions – Asia, as well as Europe, the Middle East, and Africa (EMEA) – in a bid to focus on more profitable sectors instead, such as investment banking and wealth business. This move will also allow the bank to free up approximately US$7 billion (RM29.6 billion) of tangible common equity over time, bolstering its ability to deal with potential losses.

Since the announcement, Citi has been reaching out to bidders who are interested in acquiring its consumer banking assets in these affected markets. Citi’s consumer business encompasses credit cards, wealth management, and mortgages – with the credit card segment being the main draw for potential bidders. Each successful sale could likely rake in an earning of several hundred million to billion dollars – depending on the market.

(Source: The Star)

4 1 vote
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Bank News Articles
Post Image
Malaysian Banks And Local Institutions Offer Financial Assistance For Customers Affected By Covid-19
Alex Cheong Pui Yin
- 1st April 2020
(Last update: 1 April 2020, 3.40pm to include FAQs by banks.) With Malaysia going into an extended period […]
Post Image
Loan Repayment Assistance Under PEMERKASA+ Is Available For Everyone
The RinggitPlus Team
- 15th June 2021
The latest spike in Covid-19 cases has led to the declaration of a third movement control order and […]
Post Image
CIMB: Touch ‘n Go eWallet Sees Healthy Volumes For Essential Services And Online Transactions
Alex Cheong Pui Yin
- 13th April 2020
CIMB Group Holdings Bhd, which owns Touch’n Go Sdn Bhd (TNGSB), has reported a continuation of healthy volumes […]
Post Image
Public Bank Extended Moratorium: Flexible Arrangements To Reduce Loan Instalments Until End-2021
Jacie Tan
- 7th August 2020
Public Bank has released the details of its Covid-19 assistance for those who will still be in financial […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image