The acquisition is part of UOB's strategy to scale up its ASEAN retail business outside of its home market of Singapore. Once completed, the acquisition is expected to double UOB's existing retail customer base in the four markets to 5.3 million customers and add 5,000 people to its team strength.
Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer (CEO) of UOB, 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 corporates in ASEAN.
"Today we warmly welcome new colleagues and customers to the UOB family. 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. We are committed to ensuring a seamless migration experience for Citigroup's customers. Our expanded touchpoints and partner network also enable us to provide a wider range of products, services and benefits to our enlarged customer base."
UOB will continue to focus on ensuring a smooth transition of Citigroup's businesses across the four markets, with the aim of achieving a full system integration over the next 12 to 18 months.
To spearhead the expanded retail business in Malaysia and Thailand, UOB has appointed the following senior executives:
- Mrs Vira-Anong Chiranakhorn Phutrakul as Head of Retail and Brand, UOB Thailand
- Mr Yuttachai Teyarachakul as Head of Personal Financial Services, UOB Thailand
- Ms Elaine Fan as Head of Retail and Brand, UOB Malaysia
- Mr Ronnie Lim as Head of Personal Financial Services, UOB Malaysia
Mr Tan Choon Hin, President and CEO, UOB Thailand said, "The completion of our acquisition of Citigroup's consumer banking business in Thailand advances our goal of becoming the most preferred bank for consumers in Thailand. This also reflects our promise to always do what is right for our Thai customers and our commitment to the Kingdom of Thailand. Citi's consumer banking business in Thailand, which is predominately unsecured lending, is a great match for UOB Thailand's mortgage-dominated portfolio. The integration will generate synergies and opportunities for our customers as a result of having access to best-in-class products and services, as well as an expanded footprint and partner network."
UOB will also launch enhanced product and service offerings for its larger customer base. For example, last week the Bank announced partnerships with leading regional brands such as Singapore Airlines, The Michelin Guide, Club 21 and Shopee, bolstering the already attractive rewards programme by giving customers access to enticing cross-border benefits .
Source: PR & Associates