Linklaters has advised Citigroup on the S$5 billion ($3.7 billion) sale of its consumer business in Indonesia, Malaysia, Thailand, and Vietnam to Singapore’s United Overseas Bank (UOB), which was counselled by Allen & Overy.

Reuters reported that the deal brings Citi closer to its goal of exiting retail operations in 13 markets to refocus on its more lucrative institutional and wealth management businesses. Since last year, Citi has also announced plans to exit the consumer business in the Philippines, South Korea, Australia, Mexico, and Taiwan.

The Linklaters team was led by partners Matthew Middleditch, Christopher Yip, Adrian Fisher and Laure de Panafieu.

Partner Chris Moore led the Allen & Overy team, with support from fellow A&O partners Shuhui Kwok, Duc Tran, and Noparat Kaewsringarm, and Ginting & Reksodiputro partner Sugianto Osman. Malaysia law advice was provided by Kadir Andri & Partners.