Lawrence Goh to take on head of group technology and operations with Susan Hwee to become new head of group retail, replacing retiring Eddie Khoo who is joining UOB Vietnam as a senior adviser.

The three-year deal for the Singaporean bank was priced at a mid-range of 2.3% and could list on the Singapore Exchange.

The Australian bond market has seen a record start to the year, with A$69bn being issued so far in 2025, with robust investor liquidity and tightened spreads.

The deal was the first public Tier 2 sukuk transaction in the Malaysian market issued by a foreign-owned bank.

The move is part of a deal for Citi to sell consumer banking businesses in Malaysia, Thailand, Vietnam and Indonesia to UOB as it retreats from 14 markets in the space. Meanwhile, a major reorganisation at the bank has begun, including Asia leadership changes.

UOB Vietnam CEO, Victor Ngo, is optimistic about the market’s pandemic recovery and its elevation in status as a key Asian manufacturing hub.

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

The global alternative asset manager and stockbroker have initially contributed $50m each, and are aiming the fund at mid-sized corporates across Asia Pacific.