Citigroup Exits More Asian Consumer-Banking Operations With $3.7 Billion Deal

Citigroup Inc. agreed to sell its consumer-banking franchises in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank Ltd. , advancing its strategy to exit most of its retail operations in Asia and free up resources to deploy in wealth management.

The New York-based bank on Thursday said the deal includes retail-banking and credit-card businesses. Singapore-headquartered UOB will pay Citigroup for the net assets of the businesses to be acquired, plus a premium of $690 million, Citigroup said.