Press release: Citi completes sale of Indonesia Consumer Banking to UOB
Published: Nov 2023
20th November 2023 – Citi has completed the sale of its Indonesia Consumer Banking business to UOB. This marks the ninth sale completed as part of Citi’s strategy refresh and the final full consumer divestiture for Asia.
Citi and UOB first announced the transaction in January 2022 as part of a broader sales agreement covering consumer banking across Malaysia, Thailand, Vietnam and Indonesia. In total, the sale of these four consumer businesses to UOB has resulted in a regulatory capital benefit of approximately US$1.1 billion.
Titi Cole, Citi’s Head of Legacy Franchises, said, “Completing our final divestiture of a full consumer franchise in Asia marks a significant milestone in simplifying the firm. This 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. We are sincerely grateful to our former employees in Indonesia and wish them the very best in their careers with UOB.”
Batara Sianturi, Citi Country Officer for Indonesia, said, “Citi is proud to have a long history in Indonesia, and we are intently focused on growing Citi’s institutional businesses in Indonesia, serving clients in the market, regionally and globally through our network to support cross-border needs.”
This transaction has completed all the announced sales in Asia on schedule, it has freed up billions in capital with strong valuations, secured new homes for thousands of employees, which is some story given the background these were completed against in terms of wars, COVID and geopolitics.
Across our global franchise, our regional clusters will continue to play a key part in Citi’s ongoing turnaround with two [Hong Kong and Singapore] out of four of our global wealth hubs based here and large businesses across Banking, Markets and Services.
We also just wanted to give a quick update on our Indonesia franchise in the most recent quarter for context to underline the impact the refreshed strategy is having on the ground in our markets where we are now focused on Institutional clients.
Citibank, N.A., Indonesia (Citi Indonesia) posted a Net Income of IDR 1.7 trillion in the third quarter of 2023, a 46% increase from the previous year, primarily driven by higher Net Interest Income across our Banking, Markets and Services businesses. Total Assets grew by 4.8% year-on-year to Rp99 trillion.
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