KUALA LUMPUR, Nov 1 ― UOB has completed the acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand, while a similar acquisition in Indonesia and Vietnam is planned for 2023.

The consumer businesses comprise Citigroup’s unsecured and secured lending portfolios, wealth management and retail deposit businesses.

The acquisition is part of UOB’s strategy to scale up its Asean retail business outside of its home market of Singapore.

"Once completed, the acquisition is expected to double UOB’s existing retail customer base in the four markets to 5.3 million customers and add 5,000 people to its team strength,” it said in a statement here today.

"The acquisition provides UOB with increased scale and supports our ambition to be the bank of choice for consumers and businesses in Asean,” said UOB deputy chairman and chief executive officer (CEO) Wee Ee Cheong.

Citi and UOB first announced on January 14, 2022 that they have entered into agreements for UOB to acquire Citi’s consumer banking businesses in Thailand, Malaysia, Vietnam, and Indonesia.

Since Citi announced that it intended to exit consumer banking across 14 markets in Asia, Europe, the Middle East, and Mexico, sales agreements have been signed in nine markets.

Transactions have now closed in four markets, Australia, the Philippines, Thailand, and Malaysia.

Citi is also in the process of winding down its consumer banking in South Korea and Russia.

"Citi remains deeply committed to Malaysia and Thailand, and we will invest further in both markets across our leading institutional franchise to support clients locally and where they do business across Citi’s network,” said Citi Asia Pacific CEO Peter Babej.

Citi Legacy Franchises CEO Titi Cole said: "With these completed sales, we have now divested four consumer businesses and are making swift progress on delivering our firm’s strategy refresh. We are optimistic about the future our former employees and clients will have as part of UOB and look forward to seeing them prosper.” ― Bernama