BBL and BAY Eye Citigroup’s Thailand Retail Assets Worth THB 66Billion
BBL and BAY are reportedly planning to bid for Citigroup’s Thailand retail assets worth 66.7 billion baht.
The binding bids for Citigroup’s retail assets in Asia are due Friday as the bank is reshaping its structure around more profitable units like investment banking while shifting focus for its wealth business around hubs in Hong Kong, London, Singapore and the United Arab Emirates.
Among bidders for Citigroup’s Thai assets, Bangkok Bank Public Company Limited (BBL) and Bank of Ayudhya Public Company Limited (BAY) are planning to make an offer for the asset that could be more than $2,000 million in value or approximately 66.7 billion baht, according to people familiar with the matter.
The bid deadline of Philippines and Taiwan assets are also due this Friday while the Indian assets are due next week.