(Reuters) – Singapore’s lender United Overseas Bank Ltd said on Friday that it would buy Citigroup’s consumer businesses in Indonesia, Malaysia, Thailand and Vietnam.
UOB added that the total cash consideration for the proposed acquisition will be calculated based on an aggregate premium equivalent to S$915 million ($679.89 million), plus the net asset value of the Consumer Business as at completion.
($1 = 1.3458 Singapore dollars)
(Reporting by Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)
