United Overseas Bank Limited’s Citigroup’s Consumer Business in Four ASEAN Countries

Allen & Overy advised United Overseas Bank Limited on the deal. Citigroup was assisted by Linklaters and VILAF.

United Overseas Bank Limited (UOB) acquired Citigroup’s consumer banking franchise in Indonesia, Malaysia, Thailand and Vietnam for approximately SGD4.915 billion.

The franchise across the four markets comprises its unsecured and secured lending portfolios, wealth management and retail deposit businesses.

Completion of the acquisition in each country is conditional on obtaining regulatory approvals.

The cross-practice, cross-border Allen & Overy team advising on the transaction was led by Singapore partner Chris Moore (Picture) and senior associate Ayesha Thapar, with support from Zann Tay, Ayushi Aurora and Jessica Teng, and input on regulatory matters from Singapore partner Shuhui Kwok. The Jakarta team from Ginting & Reksodiputro in association with Allen & Overy was led by partner Sugianto Osman. Vietnam support was led by partner Duc Tran and the Thailand team by partner Noparat Kaewsringarm. Malaysia law advice was provided by local firm Kadir Andri & Partners.

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.

The VILAF team included Partner Duyen Ha Vo, Partner Hung Nguyen, Associate Quynh Anh Nguyen and Associate Minh Ha Nguyen.

Involved fees earner: Ayushi Aurora – Allen & Overy; Noparat Kaewsringarm – Allen & Overy; Shuhui Kwok – Allen & Overy; Chris Moore – Allen & Overy; Sugianto Osman – Allen & Overy; Zann Tay – Allen & Overy; Ayesha Thapar – Allen & Overy; Duc Tran – Allen & Overy; Laure de Panafieu – Linklaters; Adrian Fisher – Linklaters; Matthew Middleditch – Linklaters; Christopher Yip – Linklaters; Hung Nguyen – VILAF; Minh Ha Nguyen – VILAF; Quynh Anh Nguyen – VILAF; Duyen Ha Vo – VILAF;

Law Firms: Allen & Overy; Linklaters; VILAF;

Clients: Citigroup Inc.; United Overseas Bank Limited Co.;

Giulia Di Palma

Author: Giulia Di Palma