Ahli United Bank seals deal to acquire Citi Bahrain’s consumer business

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Ahli United Bank B.S.C has announced an agreement with Citi to acquire the latter’s consumer business in Bahrain. Subject to regulatory approvals, the acquisition will cover the retail banking, credit card, and unsecured lending businesses of Citi Bahrain.

As per the terms of the transaction, AUB is extending offers of employment to Citi’s retail division team and support staff upon closing the deal.

Suvrat Saigal, Deputy Group Chief Executive Officer – Retail Banking at AUB, remarked, “In line with our journey of transformation and growth, AUB is excited about the opportunities that the acquisition of Citi’s consumer business and incorporation of their team present. We believe that Citi’s products and people will help us further establish our market leadership.

“This development will go along way in helping us achieve our end goal of providing exceptional products and unique customer experiences. Furthermore, this acquisition presents significant growth opportunities for both Citi’s and AUB’s staff.”

Meanwhile, Michel Sawaya, Citi Country Officer Bahrain, explained, “We are very pleased to announce this transaction with AUB, a leading organisation with a strong growth strategy in consumer banking in Bahrain.

“We are confident AUB will provide excellent opportunities for our customers and employees. For Citi, this transaction will enable additional investment in our strategic focus areas, including our institutional businesses in Bahrain.”

Ahli United Bank was selected by Citi following a competitive auctioning process. Completion of the proposed transaction – subject to customary regulatory and migration conditions – is anticipated by the second half of 2022.