UOB Has Over 7M Customers After Acquisition of Citi’s M’sia, Thai, Vietnam Retail Businessesby Fintech News Singapore May 11, 2023
UOB has added another 15 branches to its network across Malaysia, Thailand and Vietnam, bringing the total number to over 200 following its acquisition of Citi’s consumer banking businesses in those three countries.
This has pushed UOB’s retail customer base in the region to over seven million as of 31 March. Once UOB completes the acquisition of Citi’s consumer business in Indonesia, the bank will then have close to eight million customers.
Currently, UOB has already rebranded all of Citi’s branches in Thailand and Vietnam, while the Malaysian ones are still ongoing.
The four markets combined is expected to boost UOB’s revenue with an additional US$1 billion on a full-year basis.
“Our transformative decision to acquire Citigroup’s consumer businesses in four ASEAN markets during the pandemic has proven to be very timely, positioning us well as consumer spending returns with a vengeance,”
said Jacquelyn Tan, Head of Group Personal Financial Services at UOB.