UOB to acquire Citi consumer banking business in four ASEAN markets

UOB has agreed to acquire Citi’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.

United Overseas Bank UOB announced on Friday January 14 that it has entered into an agreement with Citi to acquire the US bank’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.

The deal will see the Singapore-headquartered institution take over the full suite of consumer-focussed businesses that Citi had established in the four markets, including its unsecured and secured lending portfolios, wealth management and retail deposit businesses, which also includes its credit card division.

According to announcements by both Citi and UOB, the transaction is expected to finalise between mid-2022 and early 2024, “depending on the progress and outcome of the regulatory approval process.”

...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222