Singapore UOB completes acquisition of Citigroup retail banking in Malaysia and Thailand
UOB announced the completion of the acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand.
Completion of the acquisition of Citigroup’s consumer banking businesses in Indonesia and Vietnam is expected in 2023. Consumer businesses include Citigroup’s unsecured and secured loan portfolios, wealth management and retail deposit businesses .
The acquisition is part of UOB’s strategy to expand 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 all four markets to 5.3 million customers and add 5,000 to its team complement.
“Citigroup’s retail banking business in Thailand, which consists primarily of unsecured lending, is a perfect match for UOB Thailand’s mortgage-dominated portfolio. The integration will generate synergies and opportunities for our customers through access to best-in-class products and services, as well as an expanded presence and partner network.
Mr. Tan Choon Hin, President and CEO, UOB Thailand
To lead the retail expansion in Malaysia and Thailand, UOB has appointed the following senior executives:
- Ms. Elaine Fan as Retail and Brand Manager, UOB Malaysia
- Mr. Ronnie Lim as Personal Financial Services Manager, UOB Malaysia
- Ms. Vira-Anong Chiranakhorn Phutrakul, Retail and Brand Manager, UOB Thailand
- Mr. Yuttachai Teyarachakul, Personal Financial Services Manager, UOB Thailand.