DBS Group Holdings and Standard Chartered are among the lenders planning to bid for Citigroup's consumer banking assets in Asia as the U.S. lender divests units across five markets in the region, according to people familiar with the matter.

Binding bids for Citigroup’s retail assets in Indonesia, the Philippines, Taiwan and Thailand are due Friday, while offers for the India unit are due next week, said the people, who asked not to be identified because the information is confidential.

The sales offer the buyers a chance to scale up high-end credit card and wealth businesses -- whose appeal to banks lies primarily in their high fees rather than interest income --  in regions that no longer fit in Citigroup’s refreshed strategy. 

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook