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Synopsis
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.
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