UOB Absorbs Citibank Retail Businesses, A Strategy to Develop TMRW?

By Editorial Team 17/01/2022
digital banking concept
Summary

United Overseas Bank Ltd (UoB) Group officially acquired Citigroup Inc's consumer banking businesses in Indonesia, Malaysia, Thailand, and Vietnam for SIN$ 4.9 billion or about Rp 52 trillion, making it the largest retail bank in ASEAN. This acquisition transaction covers the entire retail banking and credit card businesses, but not the institutional banking ones.

"The acquisition will double UOB's regional customer base to about 5.3 million customers and make UOB one of the largest retail banks in Southeast Asia," UOB Deputy Chairman and CEO Wee Ee Cheong said in an official release on Friday. UOB Group Chief Financial Officer Lee Wai Fai added that the acquisition would immediately bring a 1.4 times uplift to income and 1.2 times in lending businesses in four countries. By expanding its business in Southeast Asia, UOB targets a return on equity (ROE) growth of more than 13 percent by 2026.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.