Citigroup Inc. has chosen preferred bidders for its consumer assets in several Asian markets as the US lender presses ahead with its plans to divest numerous units across the region, according to people familiar with the matter.

The US lender picked Bank of Ayudhya Pcl as the leading suitor to buy its retail assets in Thailand, the people said, asking not to be identified because the matter is private. The bank, which is owned by Japan’s Mitsubishi UFJ Financial Group Inc., will continue to negotiate the terms of a potential deal in the coming weeks, they said. A transaction could value the assets at about US$2 billion ($2.74 billion), they said.

In Indonesia, Citigroup has selected the Singaporean lender United Overseas Bank Ltd. as its preferred bidder, the people said. A sale could fetch several hundred million dollars, the people said. In Malaysia, Standard Chartered Plc has emerged as the frontrunner to buy Citigroup’s retail consumer assets in a deal that could also be valued at several hundred million dollars, the people said.

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