UOB completes acquisition of Citigroup’s consumer banking business in Indonesia

Shares in UOB closed at $27.35 on Nov 17.

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.

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. 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.

“UOB Indonesia welcomes Citigroup Indonesia’s consumer banking customers. The bank looks forward to continuing to engage its customers via an omni-channel approach, to sharpen its digital capabilities to acquire customers and provide for their banking and lifestyle needs, and to deliver customised interactions through tailored insights,” says UOB.

“Riding on the trend of rising affluence in the country, UOB Indonesia will also beef up its products and solutions, supported by UOB’s larger franchise and expanded partner ecosystem, to cater to evolving needs and preferences of its customers,” it adds.

Shares in UOB closed at $27.35 on Nov 17.

See Also: