DBS Group and Standard Chartered are reportedly among the banks looking to acquire the retail banking assets of Citigroup in Asia.
The US lender seeks to divest its businesses across five markets in the Asian region.
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By GlobalDataBinding 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.
