UOB snares Citi's consumer units in 4 Asean markets for almost S$5b, double retail base to 5.3m

UOB U11 will acquire Citigroup's consumer banking assets in Indonesia, Malaysia, Thailand and Vietnam for almost S$5 billion in an aggressive push to scale up its retail franchise in Asean.

The lender will pay a cash consideration of S$915 million plus the net asset value of Citi's consumer arm - comprising its unsecured and secured lending portfolios, wealth management and retail deposit businesses - in the 4 markets.

The deal will double UOB's existing retail base in the 4 markets from about 2.9 million to 5.3 million, accelerating its target 5 years ahead of time.