DBS, StanChart, other lenders may bid for Citi's Asia retail units – Bloomberg

Several major banks, including Singapore's DBS Group Holdings Ltd. and Standard Chartered PLC, plan to submit bids for Citigroup Inc.'s consumer banking assets in Asia, Bloomberg News reported Oct. 20, citing people familiar with the matter.

The report comes as Citi plans to exit consumer business in several markets in the region. Binding offers for Citi's retail businesses in Indonesia, Philippines, Taiwan and Thailand are due Oct. 22, while bids for its India business are due in the week of Oct. 25. A spokesperson for Citi in Asia said talks with suitors are ongoing and that the firm has received strong interest from a broad range of bidders.

DBS plans to bid for Citi's assets in Indonesia and Taiwan, while StanChart has its eyes on the bank's assets in Taiwan. Further, Cathay Financial Holding Co. Ltd. and Fubon Financial Holding Co. Ltd. could make bids for the bank's assets in Taiwan. Representatives for DBS, StanChart and Fubon declined to comment, while Cathay Financial did not immediately respond to queries.

Bangkok Bank PCL and Bank of Ayudhya PCL are considering bidding for Citi's assets in Thailand, which could be valued at more than $2 billion. Both Thai lenders did not comment.

Further, Citi's Indian banking assets attracted potential bids from Kotak Mahindra Bank Ltd., ICICI Bank Ltd. and HDFC Bank Ltd. Representatives for Kotak and HDFC declined to comment, while ICICI did not respond to the outlet's queries. Earlier in October, media reports suggested that five Indian banks were circling Citi's Indian consumer banking business.

Meanwhile, United Overseas Bank Ltd., or UOB, and Malayan Banking Bhd., or Maybank, are among lenders considering placing bids for Citi's Indonesian assets. A representative for Maybank declined to comment, while UOB did not immediately respond to requests for comment.

In the Philippines, Bank of the Philippine Islands, or BPI, BDO Unibank Inc. and Metropolitan Bank & Trust Company, or Metrobank, are said to be interested in Citi's assets, which could fetch over $1 billion. Representatives for BPI and Metrobank declined to comment, while a representative for BDO Unibank could not immediately comment, Bloomberg reported.