JAKARTA. Citi announced the completion of divestment and migration of its consumer banking business line to PT UOB Indonesia (UOB).

This transaction was first announced in January 2022 as a part of a more extensive consumer banking divestiture in several countries, including Malaysia, Thailand, Vietnam, and Indonesia. For the record, this business line covers retail banking, credit cards, unsecured loans, and employee transfer.

The consumer banking divestment in Thailand and Malaysia was completed on November 1, 2023. Then, the transaction in Vietnam was concluded even earlier on March 1, 2023. In total, the divestment of those consumer banking segments has granted capital gain of approximately USD 1.1 billion.

Titi Cole, Head of Legacy Franchise of Citi, said that the divestment of all consumer banking segments in Asia serves as a milestone in simplifying the company. “It is a testament to the commitment of our employees across these markets and a clear demonstration of Citi’s ability to execute on our strategy,” she added in the official disclosure of Citi.

Meanwhile, Batara Sianturi, City Country Officer for Indonesia, said that his company will focus on expanding institutional business of Citi in Indonesia. “Serving clients in the market, regionally and globally, through our network to support cross-border needs,” he concluded. (KR/ZH)