UOB to acquire Citi consumer banking business in four ASEAN markets

At the start of this week, Citi and HSBC formalised an agreement that is set to close in the first half of 2024.

The bank forges ahead with its strategic divestiture from consumer banking in 14 markets.

In 2022, UOB agreed to acquire Citi’s Vietnam business as part of a larger deal that also includes Malaysia, Thailand and Indonesia. Meanwhile, the bank’s India consumer business will transfer to domestic lender, Axis Bank.

The Singaporean bank has acquired Citi’s Taiwanese consumer franchise following plans announced at the start of 2022.

The transaction is the latest in Citi’s plans to divest from its consumer businesses in Asia and EMEA.

Completion marks the bank’s second consumer business divestment, following its agreement with NAB in Australia.