Singapore's Validus to acquire Citi unit's loan portfolio

Digital financing platform Validus Capital Pte. Ltd. agreed to acquire Citigroup Inc.'s CitiBusiness loan portfolio in Singapore for an undisclosed amount.

The Singapore-based firm claimed the deal marks the first time a Southeast Asian financial technology company is purchasing a big bank's loan portfolio and customer base.

Validus expects the deal to boost its top line revenue, expand its customer base and help grow its loan book, according to a March 22 media release.

The transaction is expected to be completed by April.