DBS Group Holding, Standard Chartered Bank and UOB are among some of the firms that intend to bid for Citigroup’s retail assets in Asia.
According to people familiar with the matter, the US bank is looking to divest five units across the region, newswire Bloomberg reported.
In April 2021, Citi announced it was going to exit 13 markets across Asia, Europe, the Middle East and Africa.
Its Australian private wealth management business was sold to National Australia Bank in August 2021.
The move will see Citi focus on more profitable divisions, such as its investment banking arm, and on wealth operations in Hong Kong, London, Singapore and the UAE.
Binding bids for the group’s assets in Indonesia, the Philippines, Taiwan, and Thailand are due on 22 October 2021, whereas offers for its Indian unit are due the following week.
