Linklaters advises Citi on the sale of its five consumer banking franchises in Southeast Asia

Linklaters advised Citi on the sale of its five consumer banking franchises in Southeast Asia. The transactions include the sale of Citi’s Philippines franchise to Union Bank of the Philippines and the sale of its consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank. The transactions are expected to close in the second half of 2022 and between mid-2022 and early 2024, respectively, subject to relevant regulatory approvals.

The transactions align with Citi’s strategic plan to shift the focus of its consumer business in Asia and EMEA to wealth management, and further strengthen its institutional network across Asia Pacific.

The key members of the Linklaters team included Hong Kong SAR-based corporate partners Matthew Middleditch and Christopher Yip, as well as Singapore-based TMT partner Adrian Fisher and employment and incentives partner Laure de Panafieu.

Partner and Chairman of Global Corporate Practice Matthew Middleditch, commented:

“We are delighted to have supported Citi on these complex, multi-jurisdictional transactions, bringing them closer to their refreshed strategic goals.”