United Overseas Bank is stepping up competition across Southeast Asia as the Singapore lender taps its expanded retail banking customer base following the acquisition of Citigroup’s credit card business across four of the region’s largest economies.
—is stepping up competition across Southeast Asia as the Singapore lender taps its expanded retail banking customer base following the acquisition of Citigroup’s credit card business across four of the region’s largest economies.
UOB completed the acquisition of Citigroup’s consumer banking operations in Malaysia, Thailand and Vietnam, boosting its regional customer base to more than 7 million as of the end of March. The number is expected to reach 8 million once the acquisition of Citigroup’s operations in Indonesia is completed by the end of the year.
First announced in January 2022, the S$4.9 billion acquisition is the biggest bet made by UOB in more than a decade, and is considered by some analysts as afor the lender. The bank celebrated the growth in its regional franchise with corporate partners and key customers in a lavish dinner it hosted this week across its biggest markets in Malaysia, Singapore and Thailand.
“This evening is a showcase and celebration of our belief in the growth in ASEAN, our regional franchise, our scale and strategic partnerships,” Jacquelyn Tan, managing director and head of personal financial services at UOB, said late Wednesday at the packed grand ballroom of Capella Singapore. “This is the best time for us to launch our brand new card spiel, one that is showcasing the purchasing power of ASEAN.
a net profit of S$1.5 billion in the first quarter, up 67% from the previous year. Core operating profit from the group’s regional retail banking operations more than doubled to S$795 billion with Singapore, Malaysia and Thailand accounting for the bulk of earnings.
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