United Overseas Bank UOB announced on Friday January 14 that it has entered into an agreement with Citi to acquire the US bank’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.
The deal will see the Singapore-headquartered institution take over the full suite of consumer-focussed businesses that Citi had established in the four markets, including its unsecured and secured lending portfolios, wealth management and retail deposit businesses, which also include its credit card division.
According to announcements by both Citi and UOB, the transaction is expected to finalise between mid-2022 and early 2024, “depending on the progress and outcome of the regulatory approval process.”
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