Following the acquisition of Citi’s consumer banking business in four markets in Southeast Asia, UOB has expanded its retail customer base in the region to nearly 7 million.
UOB’s group retail customer base has expanded to nearly 7 million in Southeast Asia, according to its annual report, following the acquisition of Citi’s consumer banking business in four markets. It completed the Malaysia and Thailand acquisition in November 2022 and aims to close the deal in Indonesia and Vietnam in 2023.
«The strategic acquisition has fortified the group’s ASEAN strategy and significantly scaled up the retail franchise with increased product offerings and cross-sell opportunities,» the bank said. «The group’s retail customer base has expanded […] in the region while the expected incremental revenue lift from the acquisition is gaining good traction.»
In 2022, UOB registered a record net profit of S$4.6 billion ($3.4 billion), up 12 percent year-on-year.
