United Overseas Bank to acquire Southeast Asian consumer business of Citigroup for $3.7bn.

United Overseas Bank, a Singaporean multinational banking organisation, agreed to acquire Southeast Asian consumer business of Citigroup, an American multinational investment bank and financial services corporation, for $3.7bn. "From the integration standpoint, acquiring from a single, reputable seller with a uniform franchise will reduce complexity. One bank, one platform, one model," Wee Ee Cheong, United Overseas Bank deputy Chairman and CEO.