Bahrain: AUB buys Citi’s Consumer Banking Business; retains 175 employees

Bahrain: AUB buys Citi’s Consumer Banking Business; retains 175 employees

Ahli United Bank has announced successfully completing the acquisition of Citi’s Bahrain consumer business.

The transaction includes Citi’s retail banking, credit card and unsecured lending businesses, as well as the transfer of approximately 175 related staff including full-time employees and contractors, but excludes Citi’s institutional businesses.

The sales involve a transition period, where Citi will continue to provide services to the customers on behalf of AUB.

During this period, customers will be able to use their Citi products and services as they normally would.

The transaction, which was first announced on April 4, is expected to result in a regulatory capital benefit to Citi of approximately US$40 million.

Suvrat Saigal, Deputy Group Chief Executive Officer – Retail Banking at AUB, said, “As part of our growth and transformation journey, we are extremely pleased with the acquisition of Citi’s Consumer Business.

As a market leader in providing digital services, Wealth Management and Payment products, the inclusion of Citi’s products and services to AUB’s already market-leading proposition will result in an unmatched offering to our customers.

This transaction delivers value to all stakeholders – for existing AUB customers through access to an expanded range of products; for Citi’s customers through access to AUB’s broad product range and market-leading distribution;