Singapore’s Validus acquires loan portfolio of Citi’s small banking unit

Validus Co-founders Vikas Nahata and Nikhilesh Goel.

Validus, a Southeast Asian SME growth financial platform, announced that it has agreed to acquire the loan portfolio of Citi Singapore’s small business banking unit, CitiBusiness, for an undisclosed amount.

The acquisition comes two months after Citigroup agreed to sell its consumer-banking businesses in Indonesia, Malaysia, Thailand, and Vietnam to United Overseas Bank for about $3.6 billion.

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