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Singapore's Validus to take over Citi's local business loan book

Fintech backed by Temasek vehicle Vertex joins large banks in acquisition drive

Validus says this is the first time in Southeast Asia for a fintech to acquire an established bank's loan portfolio and customer base. (Source photos by screenshot from Validus' website and AP)

SINGAPORE -- Singapore fintech startup Validus has joined the rush to snap up units of Citigroup as the U.S. bank continues to shed operations in Asia, a rare example of a newcomer buying the assets of an established lender.

Validus, backed by an arm of state investor Temasek, said on Tuesday that it will acquire the loan portfolio of Citi's small-business banking unit in the city-state.

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