Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • Directory
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

Global bank buys Citi wealth arms in four Asian markets

By Cristian Angeloni, 14 Jan 22

Deal adds around 2.4 million customers

The subsidiaries of Singapore-headquartered United Overseas Bank (UOB) have agreed to acquire Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam.

The operations include wealth management, unsecured and secured lending portfolios, and retail deposit arms.

The total cash consideration of the deal will be calculated on “an aggregate premium equivalent to S$915m (£497m, $676m, €596m) plus the net asset value of the consumer business as at completion”, UOB said.

Citigroup’s consumer business in the four markets had an aggregate net asset value of around S$4bn and 2.4 million customers, as of 30 June 2021.

Completion will be subject to regulatory approvals in Singapore and in each country where the businesses are based. As a result, UOB expects the deal to finalise between mid-2022 and early 2024, depending on the “progress and outcome of the regulatory approval process”, it said.

Asian growth

Wee Ee Cheong, deputy chairman and chief executive of UOB, said: “The acquisition of Citigroup’s retail business in our key markets of Indonesia, Malaysia, Thailand and Vietnam is a great opportunity that comes at the right time.

“UOB believes in southeast Asia’s long-term potential and we have been disciplined, selective and patient in seeking the right opportunities to grow. Subject to regulatory approval, we look forward to integrating Citigroup’s quality portfolio and welcoming its team, and to creating value for our enlarged base of customers, employees and other stakeholders.

“The acquired business, together with UOB’s regional consumer franchise, will form a powerful combination that will scale up UOB Group’s business and advance our position as a leading regional bank.”

Peter Babej, Citi Asia Pacific chief executive, added: “We are excited to announce this transaction with UOB, a leading pan-Asian institution. We are confident that UOB, with its strong culture and broad regional ambitions, will provide excellent opportunities and a long-term home for our consumer banking colleagues in Indonesia, Malaysia, Thailand and Vietnam.

“Focusing our business through these actions will facilitate additional investment in our strategic focus areas, including our institutional network across Asia Pacific, driving optimal returns for Citi.”

Tags: Citi | UOB

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Financial Report. Reviewing investment portfolio. Adjusting portfolios from raising interest rates from the federal government or FED. Inflation, stock markets, funds, cryptocurrencies. Investors check their investment assets.

    Fixed Income

    Expect no more ECB rate cuts for now, says HSBC following inflation data

    Alternatives

    Oeno serves up wine and whisky funds

  • Best Practice

    TISA welcomes spotlight on poor access to financial advice

    Vector illustration. Team work business concept. Two businessman working on to match puzzle. Pushing to connecting puzzles together.

    Investment

    Bermuda investment company makes play for Ocean Wilsons Holdings


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.