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October 21, 2021

DBS, Standard Chartered in race to buy Citigroup’s Asian operations

DBS Group and Standard Chartered are reportedly among the banks looking to acquire the retail banking assets of Citigroup in Asia.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The US lender seeks to divest its businesses across five markets in the Asian region.

Binding bids for Citigroup’s assets in Indonesia, the Philippines, Taiwan, and Thailand are due Friday, Bloomberg has reported citing people familiar with the matter.

The offer for the Indian unit is expected to close next week, the report added.

Through the acquisition of these units, buyers aim to scale up their high-end credit card and wealth businesses.

Citi announced that it will exit 13 retail banking markets while reporting its first-quarter results.

Citi stated that it plans to focus its retail banking efforts outside the US in just four markets. These are Singapore, Hong Kong, the UAE and London.

In August this year, National Australia Bank (NAB) agreed to purchase the Australian consumer business of Citigroup in a deal valued at $880m (A$1.2bn).

As part of its new strategy, Citigroup plans to raise $150bn and hire 2,300 people in Asia for wealth management by 2025, the report said.

DBS, Standard Chartered, Cathay Financial Holding and Fubon Financial Holding will lodge bids for Citigroup’s assets in Taiwan, which could raise nearly $2bn, the people said.

Citigroup’s Thai assets could fetch over $2bn, for which Bangkok Bank and Bank of Ayudhya are in race.

Kotak Mahindra Bank, HDFC Bank and ICICI Bank are among the suitors for Citigroup’s Indian assets, which could also raise $2bn, the report added.

DBS and its rival United Overseas Bank, as well as Malayan Banking, are looking to acquire Citigroup’s Indonesian assets, the sources said adding that the deal could fetch as much as $1bn.

BDO Unibank, Metropolitan Bank & Trust, Bank of the Philippine Islands and Union Bank of the Philippines has eyes on Citigroup’s Philippines unit, which could also raise $1bn, they said.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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