American multinational investment bank Citigroup Inc. has unveiled its preferred bidders for its consumer assets in Asian markets, in line with its exit from the market.
- Citi has picked Bank of Ayudhya Plc. as the preferred bidder in Thailand, United Overseas Bank Ltd. in Indonesia, and Standard Chartered Plc. in Malaysia. Negotiations are expected in the coming weeks, with valuations likely between several hundred million to billions of dollars.
- Citi has also chosen Fubon Financial Holding Co. in Taiwan, but a final decision has yet to be made, with deliberations still ongoing. It has picked the Union Bank of the Philippines for its retail business in the Southeast Asian nation.
- Representatives from Fubon declined to comment, while those for the Bank of Ayudhya, Standard Chartered, and UOB did not immediately respond to requests for comment.
Citi earlier said it expects to exit from 13 consumer franchises across Asia and Europe, the Middle East, and Africa, which will release some $7 billion of tangible common equity.
C is up 0.75%, while BAY.BK closed Tuesday up 4.29%.