Citigroup agreed to sell its consumer-banking franchises in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank, advancing its strategy to exit most of its retail operations in Asia and free up resources to deploy in wealth management.

The New York-based bank on 13 January said the deal includes retail banking and credit-card businesses. Singapore-headquartered UOB will pay Citigroup for the net assets of the businesses to be acquired, plus a premium of $690m, Citigroup said.