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Allen & Overy advises UOB on the acquisition of Citigroup’s consumer business in four ASEAN countries

Allen & Overy is advising United Overseas Bank Limited (UOB) on the acquisition of 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.

Partner Chris Moore commented, “We are delighted to serve UOB with a multidisciplinary team involving lawyers across our Singapore, Jakarta, Bangkok and Vietnam offices along with Kadir Andri & Partners in Malaysia to provide seamless local law and international legal advice”.

The cross-practice, cross-border Allen & Overy team advising on the transaction was led by Singapore partner Chris Moore 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.