Ahli United Bank B.S.C. (BAX:AUB) agreed to acquire Citi's consumer banking business in Bahrain from Citigroup Inc. (NYSE:C) on April 4, 2022. As per the agreement, Citi consumer employees and employees supporting the consumer business will be offered employment from AUB upon close of the proposed transaction. Upon closing, Citi expects the transaction will make a small contribution to the previously announced release of approximately BD 7 billion of allocated tangible common equity over time from the exit of its consumer franchises in 13 markets in Asia Pacific and Europe, Middle East and Africa. The transaction is subject to regulatory approvals, includes the retail banking, credit card and unsecured lending businesses but excludes Citi's institutional businesses.
George Marshall, Melanie Howard and Sue McLean of Baker & Mckenzie LLP, London acted as legal advisor to Ahli United Bank B.S.C. (BAX:AUB).

Ahli United Bank B.S.C. (BAX:AUB) completed the acquisition of Citi's consumer banking business in Bahrain from Citigroup Inc. (NYSE:C) on December 1, 2022.