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On April 23, 2007,Citibank officially launched Renminbi products and services to local residents. Partner and Chairman of Global Corporate Practice Matthew Middleditch, commented: “We are delighted to have supported Citi on these complex, multi-jurisdictional transactions, bringing them closer to their refreshed strategic goals. Citi, the leading global bank, serves more than 200 million customer accounts and does business in more than 160 countries and jurisdictions. Global Consumer Bank Our consumer banking business in China continues to invest strongly for long-term growth. The key members of the Linklaters team included Hong Kong SAR-based corporate partners Matthew Middleditch and Christopher Yip, as well as Singapore-based TMT partner Adrian Fisher and employment and incentives partner Laure de Panafieu. The transactions align with Citi’s strategic plan to shift the focus of its consumer business in Asia and EMEA to wealth management, and further strengthen its institutional network across Asia Pacific. The transactions are expected to close in the second half of 2022 and between mid-2022 and early 2024, respectively, subject to relevant regulatory approvals. Citi, the leading global bank, has approximately 200 million customer.
The transactions include the sale of Citi’s Philippines franchise to Union Bank of the Philippines and the sale of its consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank. Citibank Banking Investing Lending Cards Wealth Management Global Executive. Linklaters advised Citi on the sale of its five consumer banking franchises in Southeast Asia.
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