Citi Picks Favorites for Over $3 Billion in Asia Sales
- Bank of Ayudhya has emerged as frontrunner for Thailand assets
- Citi also picks lead bidders in Indonesia, Malaysia, China
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Citigroup Inc. has chosen preferred bidders for its consumer assets in several Asian markets as the U.S. lender presses ahead with its plans to divest numerous units across the region, according to people familiar with the matter.
The U.S. lender picked Bank of Ayudhya Pcl as the leading suitor to buy its retail assets in Thailand, the people said, asking not to be identified because the matter is private. The bank, which is owned by Japan’s Mitsubishi UFJ Financial Group Inc., will continue to negotiate the terms of a potential deal in the coming weeks, they said. A transaction could value the assets at about $2 billion, they said.