The move is part of a deal for Citi to sell consumer banking businesses in Malaysia, Thailand, Vietnam and Indonesia to UOB as it retreats from 14 markets in the space. Meanwhile, a major reorganisation at the bank has begun, including Asia leadership changes.
It was a busy day in Asia with Country Garden, STATS ChipPAC and Union Bank of India printing a total of $1.4 billion in new bonds, keeping Asia on track to field the busiest quarter in the debt markets for 2010.
Maybank inks a deal with Ronald Ooi and Yuanta to buy Singapore-based broker Kim Eng for $1.4 billion as it seeks to consolidate its position in brokerage in the Asean countries.