UOB has finalised the acquisition of Citigroup’s consumer banking business which comprises its lending portfolios, wealth management and retail deposit businesses in Vietnam.
The completion of the acquisition had also included the transfer of approximately 575 Citigroup related staff to UOB Vietnam.
The acquisition is part of a a broader sale agreement covering consumer banking across Malaysia, Thailand, Vietnam and Indonesia and excluding the bank’s institutional businesses.
So far the acquisition has been finalised in Thailand and Malaysia in November 2022. Meanwhile, the acquisition of Citigroup’s Indonesian consumer banking business is planned for completion by end 2023.
Once completed, the acquisitions are expected to double UOB’s existing retail customer base in the four markets and add 5,000 people to its team strength.
Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB said,
“We are now one step closer to the full completion of this transformational deal. Early results of the acquisition have surpassed our expectations.
We look forward to accelerating the expansion of our retail business in Vietnam, which is one of the fastest growing economies in the region.”
Victor Ngo, Chief Executive Officer of UOB Vietnam said,
“The potential for the people and businesses in Vietnam is tremendous as it is an economy of rapid growth and transformation, coupled with the swift digital adoption.
The completion of our acquisition marks the next chapter of our growth, which provides us a great platform for leadership in retail banking through an enlarged portfolio, expanded footprint and partner ecosystem.”