UOB 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.
“Citigroup’s consumer banking business in Thailand, which is predominately unsecured lending, is a great match for UOB Thailand’s mortgage-dominated portfolio. The integration will generate synergies and opportunities for our customers as a result of having access to best-in-class products and services, as well as an expanded footprint and partner network.”Mr Tan Choon Hin, President and CEO, UOB Thailand
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.