DBS, others mull bids for Citi’s business

Banks including DBS Group, Mitsubishi UFJ Financial Group, OCBC and Standard Chartered are set to bid for parts of Citigroup’s consumer business in Asia, people with direct knowledge of the matter sai

Banks including DBS Group, Mitsubishi UFJ Financial Group, OCBC and Standard Chartered are set to bid for parts of Citigroup’s consumer business in Asia, people with direct knowledge of the matter said. The sale process will start within a couple of weeks, they added, declining to be named as they were not authorised to speak to media. The move comes after Citi said it would exit its consumer franchises in 13 markets — 10 of which are in Asia and include India — as it refocusses on its more lucrative institutional and wealth management businesses in these markets. Potential bids from the regional banks and StanChart, whichmakes most of its profit in Asia, underscores their growingappetite for businesses like credit cards and mortgages in apush to lock in long-term income growth.