UOB to ride on Citi acquisition to drive growth in 2023; posts S$1.2b Q4 profit

UOB expects its Citi portfolio acquisition will be a main growth driver in 2023, given that its performance has already surpassed expectations, said UOB chief executive Wee Ee Cheong.

UOB completed its acquisition of Citi’s consumer businesses in Thailand and Malaysia in November 2022. The lender aims to complete its acquisition in Vietnam and Indonesia by 2023, which should bring its customer base to more than eight million in the South-east Asia region and add around S$1 billion in additional revenue in 2023.

In a results briefing on Thursday (Feb 23), Wee said the Citi acquisition will “give (the lender) tremendous opportunities to grow its customer base” as it already has a strong credit card business and also provides significant untapped potential for UOB’s wealth management business.