The UOB branch in Ho Chi Minh City.( Photo:UOB) HCM City (VNA) – United Overseas BankLimited (UOB) on March 1 announced the completion of the acquisition ofCitigroup’s consumer banking business in Vietnam, which includes the transferof approximately 575 Citigroup related staff to UOB Vietnam.
The consumer business comprises Citigroup’sunsecured and secured lending portfolios, wealth management and retail depositbusinesses.
The acquisition in Vietnam followscompletions in Thailand and Malaysia in November 2022. The acquisition ofCitigroup’s Indonesian consumer banking business is planned for completion by the end of 2023.
UOB’s acquisitions in the four markets willfurther strengthen and scale up its franchise in ASEAN. Once completed, theacquisitions are expected to double UOB’s existing retail customer base in thefour markets and add 5,000 people to its team strength, according to the bank.
With the addition of Citigroup’s Malaysia andThailand franchise, coupled with strong organic acquisition of customers, thegroup’s retail customer base has already expanded to nearly 7 millionacross the ASEAN region. The acquired business, together with UOB’s regionalfranchise, advances UOB’s progress towards being the bank of choice forconsumers and businesses in ASEAN.
Wee Ee Cheong, Deputy Chairman and ChiefExecutive Officer of UOB, said that they are now one step closer to the fullcompletion of that transformational deal.
“Early results of the acquisition havesurpassed our expectations. We look forward to accelerating the expansion ofour retail business in Vietnam, which is one of the fastest growing economiesin the region. With our expanded network, ecosystem partners and suite ofsolutions and capabilities, we are well-placed to serve the needs of ourenlarged customer base. With the addition of new colleagues, we have a strongerteam to drive our ambition to be a truly regional bank that helps our customersachieve their financial aspirations,” he said.
On this occasion, UOB Vietnam has also appointedFred Lim as Head of Retail Transformation, Channels and Digitalisation, andBusiness Banking, UOB Vietnam and Paul Kim as Head of Personal FinancialServices.
UOB Vietnam has worked closely with CitigroupVietnam to ensure a seamless transition for customers, which is expected totake 12 to 18 months as the bank works towards a full system integration.
During this transition period, CitigroupVietnam’s consumer banking customers can expect continuation in the productofferings, services and benefits.
Victor Ngo, Chief Executive Officer of UOBVietnam, said that the acquisition of Citigroup’s consumer banking business inVietnam comes at the right time and reinforces its long-term strategy andcommitment to the market.
“The potential for the people and businessesin Vietnam is tremendous as it is an economy of rapid growth andtransformation, coupled with the swift digital adoption. The completion of ouracquisition marks the next chapter of our growth, which provides us a greatplatform for leadership in retail banking through an enlarged portfolio,expanded footprint and partner ecosystem,” he said./.
