UOB announced that it has completed the acquisition of Citigroup’s consumer banking business in Malaysia and Thailand, while a similar acquisition in Indonesia and Vietnam is planned for 2023. The consumer business comprises Citigroup’s unsecured and secured lending portfolios, wealth management, and retail deposit businesses. UOB earlier said the acquisition is part of its strategy to scale up its ASEAN retail business outside of its home market of Singapore. In a statement, UOB said the acquisition is expected to double its existing retail customer base in the four markets to 5.3 million customers and add 5,000 people to its team strength. Citi and UOB first announced on January 14, 2022 that they have agreed for UOB to acquire Citi’s consumer banking businesses in Thailand, Malaysia, Vietnam, and Indonesia.
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