Kasikornbank Public Company Limited (SET:KBANK) is considering a bid for Citigroup Inc. (NYSE:C)'s retail assets in the country to expand its wealth management, consumer lending and credit card businesses. Kasikornbank is interested in the U.S. lender's business in Southeast Asia's second-biggest economy and will study the details as soon as the process is open, Chief Executive Officer Kattiya Indaravijaya said in a recent phone interview. “Citigroup's retail business here has a very large and good customer base.” Kasikornbank joins counterparts such as DBS Group Holdings Ltd. (SGX:D05) and United Overseas Bank Limited (SGX:U11) in expressing an interest in Citigroup's regional assets.

The U.S. bank could fetch as much as $6 billion from selling its retail business in 13 markets across Asia-Pacific, Europe and the Middle East. For Kasikornbank, acquisitions and regional expansion are key as it fends off rising competition from new entrants into the industry especially from financial technology firms, said Kattiya. Still, any bid for Citi's assets would only happen if an acquisition creates synergy and adds value to the bank's existing businesses, she said.