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UOB completes acquisition of Citibank Indonesia

United Overseas Bank (UOB) has completed the acquisition of Citigroup’s consumer banking business in Indonesia. Citibank Indonesia’s assets and liabilities have also been fully integrated into UOB Indonesia. It follows the completions in Malaysia and Thailand in November 2022 and Vietnam in March this year. The acquisition, which comprises Citigroup’s unsecured and secured lending portfolios, wealth management and retail deposit business in the four Asean markets, has added almost 5,000 people to UOB’s team. The bank’s retail customer base in Asean is also now close to 8 million. Indonesia is the final market to be integrated into the group, thereby concluding UOB’s acquisition of Citigroup’s consumer banking businesses in the four Asean markets.


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