Entire acquisition successfully completed in all four ASEAN markets – Indonesia, Malaysia, Thailand and Vietnam, with Malaysia and Indonesia integrated into UOB
Jakarta, Indonesia, 20 November 2023 – UOB today announced the completion of the acquisition of Citigroup's consumer banking business in Indonesia and the full integration of Citibank Indonesia's assets and liabilities into UOB Indonesia.
Today's announcement follows from completions in Malaysia and Thailand in November 2022 and Vietnam in March 2023. This concludes UOB's entire acquisition of Citigroup's consumer banking businesses comprising its unsecured and secured lending portfolios, wealth management and retail deposit business in all four markets in ASEAN.
The entire acquisition has added close to 5,000 people to the Bank's team strength. Coupled with organic expansion, UOB's retail customer base in ASEAN stands strong at close to eight million currently, realising the goal of doubling the Bank's retail franchise in the four markets and accelerating its growth targets five years ahead of time.
UOB Indonesia welcomes Citigroup Indonesia's consumer banking customers. The Bank looks forward to continuing to engage its customers via an omni-channel approach, to sharpen its digital capabilities to acquire customers and provide for their banking and lifestyle needs, and to deliver customised interactions through tailored insights. Riding on the trend of rising affluence in the country, UOB Indonesia will also beef up its products and solutions, supported by UOB's larger franchise and expanded partner ecosystem, to cater to evolving needs and preferences of its customers.
