UOB to acquire Citi's consumer business in four ASEAN markets

UOB has proposed to pay SGD915m (USD679m) plus the net asset value of Citi’s consumer business as it agreed to acquire the latter’s unsecured and secured lending portfolios, wealth management, and retail deposit businesses in Indonesia, Malaysia, Thailand, and Vietnam. UOB said the deal will expand its partner ecosystem and is expected to double its existing retail customer base in the four markets, thus accelerating its customer base target five years ahead of time. Wee Ee Chong, UOB’s deputy chairman and chief executive officer, said the deal will “form a powerful combination”. UOB expects it will complete the acquisition between mid-2022 to early 2024.