SINGAPORE (Reuters) – Singapore lender United Overseas Bank (UOB) has agreed to buy Citigroup’s consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion ($3.65 billion).

“The total cash consideration for the proposed acquisition, will be calculated based on an aggregate premium equivalent to S$915 million plus the net asset value of the consumer business as at completion,” UOB said in a statement on Friday.

It said Citigroup’s consumer business in these markets had an aggregate net asset value of about S$4 billion and a customer base of about 2.4 million as at 30 June 2021. These generated income of about S$0.5 billion in the first half of 2021, UOB said.

($1 = 1.3456 Singapore dollars)

(Reporting by Anshuman Daga in Singapore and Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)