It has been five months since Jane Fraser, chief executive of Citigroup, who took office in February, announced its retail banking operations across much of Asia will be sold.
These include its retail banking operations in Indonesia, Malaysia, Thailand and Vietnam in which United Overseas Bank (UOB) has a presence. Oversea-Chinese Banking Corp (OCBC) has a presence in Malaysia and Indonesia while DBS Group has a presence in Indonesia.
Elsewhere in Asia, Citi is reported to have received offers for its retail banking operations in India, China and Taiwan. DBS has a presence in all three markets. In August, Citi sold its consumer banking business in Australia to National Australia Bank.