ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Finance

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more