Lender UOB acquires Citigroup’s consumer banking business in Vietnam

This is part of UOB’s acquisitions of the American investment bank’s four consumer banking business markets. The deals were completed for Thailand and Malaysia in November and will be done in Indonesia by the end of this year, UOB said in a press release.

"Once completed, the acquisitions are expected to double UOB’s existing retail customer base in the four markets and add 5,000 people to its team strength."

UOB now has nearly seven million retail customers across ASEAN.

"We look forward to accelerating the expansion of our retail business in Vietnam, which is one of the fastest growing economies in the region," said Wee Ee Cheong, deputy chairman and CEO of UOB.

UOB Vietnam and Citigroup Vietnam will work to ensure a seamless transition for customers, which is expected to take 12 to 18 months as the bank works towards a full system integration.

Victor Ngo, CEO of UOB Vietnam, said, "The acquisition of Citigroup’s consumer banking business in Vietnam comes at the right time and reinforces our long-term strategy and commitment to the market."

UOB Vietnam began operations in 2018. It is subsidiary of United Overseas Bank Limited, an Asian bank with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America.