UOB today announced the completion of the acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand. Completion of the acquisition for Citigroup’s consumer banking businesses 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.
Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer (CEO) of UOB, said, “The completion of our acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand is an important milestone as we continue to invest in our regional franchise. The acquisition provides us with increased scale and supports our ambition to be the bank of choice for consumers and businesses in ASEAN.
“Today we warmly welcome new colleagues and customers to the UOB family. With the addition of Citigroup talents to our already strong team in both markets, we have the capacity and capabilities to fast-track our regional growth plans. We are committed to ensuring a seamless migration experience for Citigroup’s customers. Our expanded touchpoints and partner network also enable us to provide a wider range of products, services and benefits to our enlarged customer base.”
UOB will continue to focus on ensuring a smooth transition of Citigroup’s businesses across the four markets, with the aim of achieving a full system integration over the next 12 to 18 months.
To spearhead the expanded retail business in Malaysia and Thailand, UOB has appointed the following senior executives:
- Ms Elaine Fan as Head of Retail and Brand, UOB Malaysia
- Mr Ronnie Lim as Head of Personal Financial Services, UOB Malaysia
- Mrs Vira-Anong Chiranakhorn Phutrakul, Head of Retail and Brand, UOB Thailand
- Mr Yuttachai Teyarachakul, Head of Personal Financial Services, UOB Thailand.
Ms Ng Wei Wei, CEO, UOB Malaysia said, “The acquisition of Citigroup’s consumer banking business will strengthen UOB Malaysia’s position with an enlarged portfolio, touchpoints and partner ecosystem. Citigroup’s consumer banking business fits naturally into our broader business strategy and underscores our long-term commitment to Malaysia. Citigroup Malaysia’s consumer banking customers can expect no change to their products, services and benefits and that they can look forward to a wider range of solutions and offers as we harness the synergies from the combined expertise and partner networks of this acquisition.”