United Overseas Bank completed the acquisition of consumer banking franchises in Indonesia from Citi for $1.1bn.

United Overseas Bank, a bank, completed the acquisition of consumer banking franchises in Indonesia from Citi, an investment bank and financial services corporation, for $1.1bn. “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,” Titi Cole, Citi Head of Legacy Franchises.