Citi completes sale of Vietnam retail banking, credit card units to UOB

This includes the turnover of approximately 575 related staff.

Citi has completed the sale of its Vietnam retail banking and consumer credit card businesses to UOB, the bank announced in a press release.

The sale includes the turnover of its approximately 575 related staff.

“We thank former employees and customers for their commitment and support, and wish them continued success,” said Citi Asia Pacific CEO Peter Babej.

Citi and UOB first announced the deal in January 2022 as part of a broader sale agreement covering consumer banking across Malaysia, Thailand, Vietnam and  Indonesia and excluding the bank’s institutional businesses.

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Citi completed its sale of its consumer banking units in Malaysia and Thailand to UOB on 1 November 2022.

Citi has now signed sales agreements in nine markets and closed sales in six, including  Australia, Bahrain, Malaysia, the Philippines and Thailand, in addition to Vietnam. 

The world’s 11th largest bank by assets also previously announced wind-downs of its consumer business in China and Korea, and the wind-down of Citi’s overall presence in Russia is in progress. 

Babej assured that Citi remains “deeply committed” to Vietnam, and shared plans to invest further to support its institutional clients.