Mark Mason, Citi CFO said, “The sale of these four consumer markets, along with our previously announced transactions, demonstrate our sense of urgency to execute our strategic refresh. We are committed to working in the best interests of our shareholders by focusing our resources on businesses that can deliver growth, as well as increasing the capital we return to shareholders over time.”
Batara Sianturi, Citi Indonesia CEO explained that “This transaction represents a positive outcome for our clients, our colleagues and our firm. Citi is committed to a seamless transaction, and during the transition to closing, there will be no change in the service provided to our consumer banking and wealth customers. Indonesia remains a key market for Citi globally and we remain committed and focused on serving institutional clients locally, regionally and globally as we have since 1968.”
UOB was selected by Citi following an extensive and competitive auction process. Citi is committed to a seamless transaction, and during the transition to closing, there will be no change in service provided to our consumer banking and wealth customers.
Completion of the divestitures in each country will not be conditional on the completion of the divestitures in the other countries but will be conditional on obtaining regulatory approvals relevant to each country.
Citi’s Banking, Capital Markets and Advisory Group is acting as exclusive financial advisor to Citi in respect of the transaction.
