Linklater advises Citigroup

Linklater advises Citigroup

The purchase will double United Overseas Bank's retail business in four market

Linklaters has advised Citigroup on the S$5 billion ($3.7 billion) sale of its consumer business in Indonesia, Malaysia, Thailand, and Vietnam to Singapore's United Overseas Bank.

The deal brings Citi closer to its goal of exiting retail operations in 13 markets to refocus on its more lucrative institutional and wealth management businesses.

Last year, Citi had announced plans to exit the consumer business in the Philippines, South Korea, Australia, Mexico, and Taiwan.

The Linklaters team was led by partners Matthew Middleditch, Christopher Yip, Adrian Fisher and Laure de Panafieu, while United Overseas Bank was counseled by Allen & Overy.