UOB’s purchase of Citigroup’s consumer businesses in the four South-East Asian markets for about S$5bil (US$3.71bil or RM16.7bil) marks its biggest acquisition in two decades. — Bloomberg
SINGAPORE: Citigroup says that it has completed the sale of its Vietnam retail banking and consumer credit card businesses to Singapore’s United Overseas Bank (UOB) in a transaction expected to result in a “modest regulatory capital benefit”.
UOB said in a separate statement that it planned to complete the acquisition of Citigroup’s Indonesian consumer banking business by the end of 2023.
In November, the lender announced the completion of its acquisition of Citigroup’s retail banking operations in Malaysia and Thailand.
UOB’s purchase of Citigroup’s consumer businesses in the four South-East Asian markets for about S$5bil (US$3.71bil or RM16.7bil) marks its biggest acquisition in two decades.
The deal will boost UOB’s retail customer base in the four markets, where it already has a substantial presence and competes with larger rivals, including DBS Group and Oversea-Chinese Banking Corp. — Reuters
