UOB said it will acquire Citi’s unsecured and secured lending portfolios, wealth management and retail deposit units in the four Southeast Asian markets.
Citi's consumer business had an aggregate net value of about 4 billion Singapore dollars and a customer base of approximately 2.4 million as of June 30, 2021, UOB said.
"UOB believes in Southeast Asia's long-term potential and we have been disciplined, selective and patient in seeking the right opportunities to grow," Wee Ee Cheong, deputy chairman and chief executive officer at UOB, said in a statement. "The acquired business, together with UOB's regional consumer franchise, will form a powerful combination that will scale up UOB Group's business and advance our position as a leading regional bank," Wee said.Citi said it expects the deal to release approximately $1.2 billion of allocated tangible common equity and an increase to tangible common equity of over $200 million.is a measure used to assess a financial institution's ability to deal with potential losses.
to improve returns. Many of those markets are in Asia-Pacific, including Australia, China, India and Indonesia.
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