The deal, first announced in January this year, also included Citi’s consumer operations in Indonesia and Vietnam.
It comprises Citi’s unsecured and secured lending portfolios, wealth management and retail deposit businesses.
For UOB, the acquisition is aimed at scaling its ASEAN retail business outside of its home market Singapore.
Upon completion, UOB expects to double its existing retail customer base in the four markets to 5.3 million customers and increase its team size by 5,000.
The deal is also claimed to expand UOB’s touchpoints and partner network, allowing it to provide a wider range of products, services and benefits to customers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The completion of the acquisition in the remaining markets is slated to happen in 2023.
UOB deputy chairman and CEO Wee Ee Cheong said: “The completion of our acquisition of Citigroup‘s consumer banking businesses in Malaysia and Thailand is an important milestone as we continue to invest in our regional franchise.
“The acquisition provides us with increased scale and supports our ambition to be the bank of choice for consumers and businesses in ASEAN.
“With the addition of Citigroup talents to our already strong team in both markets, we have the capacity and capabilities to fast-track our regional growth plans.”
The financial value of the deal was not disclosed.
As per the initial announcement, UOB agreed to pay Citi cash consideration for the net assets of the acquired units plus a premium of S$915m ($690m).