Growing Our Footprint Further: Acquisition of Citi Businesses
In January 2022, UOB announced a significant strategic move to acquire Citigroup's consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam. This acquisition, valued at approximately S$4.9 billion, marked a pivotal expansion for the Bank, enhancing our retail presence across key ASEAN markets.
The transaction covered Citigroup's unsecured and secured lending portfolios, wealth management and retail deposit businesses in the four markets, adding approximately 2.4 million new customers and significantly bolstering our regional footprint.
This acquisition also involved the transfer of approximately 5,000 Citigroup employees to UOB, complementing the Bank's talent pool with experienced professionals.
By integrating Citigroup's consumer banking operations, we have strengthened our position as a leading regional bank, offering more personalised and comprehensive financial solutions across a wider geographic area to better serve our customers' evolving needs.