UOB buys four Citibank retail arms
Singaporean banking group to acquire consumer businesses in key Asean markets
Good asset quality and strong competition in the Thai consumer banking sector are the main reasons United Overseas Bank (UOB) is buying Citibank’s retail arms in four Asean markets, says an executive.
The Singapore-based regional banking group UOB on Friday announced an agreement to acquire Citigroup’s consumer banking businesses, comprising its unsecured and secured lending portfolios, wealth management and retail deposit businesses, in Indonesia, Malaysia, Thailand and Vietnam.
The proposed acquisition will further strengthen and deepen UOB’s operations in the…
