UOB Indonesia out to court regional customers who ‘aspire to be wealthier’

[JAKARTA] While Indonesia is the largest economy in South-east Asia, it is the country that accounts for the smallest slice of UOB’s group operating profit in the region – about 3.6 per cent, according to the bank’s latest financial report.

The aim, said UOB Indonesia’s president-director Hendra Gunawan, is to raise that share to 5 per cent.

He also said that the Indonesia unit is also on track to completes the transition of Citigroup’s consumer banking business by the end of this year. The Singapore-based bank announced in January 2022 that it will acquire Citi’s consumer assets in Indonesia, Malaysia, Thailand and Vietnam for close to S$5 billion.