UOB has acquired Citi’s unsecured and secured lending portfolios, wealth management and retail deposit businesses. Credit: PiggyBank on Unsplash.

United Overseas Bank (UOB) has completed the acquisition of Citigroup’s retail banking operations in Malaysia and Thailand.

The deal, first announced in January this year, also included Citi’s consumer operations in Indonesia and Vietnam.

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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.

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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).