Together with the completion of the acquisition in Indonesia, which will be completed by end-2023, these four markets are estimated to generate an additional S$1 billion in revenue for UOB this year.
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On May 17, UOB Bank announced the completion of the acquisition of Citigroup's consumer banking businesses in three countries: Malaysia, Thailand and Vietnam, bringing the bank's retail customer base in the region to over 7 million as of March 31.
Most recently, the completion of the acquisition in Vietnam will allow the bank to serve around 200,000 customers. Together with the completion of the acquisition in Indonesia, which is expected to be completed by the end of 2023, these four markets are estimated to generate an additional S$1 billion in revenue for UOB this year.
Ms Jacquelyn Tan, Head of Personal Financial Services at UOB, said that UOB's acquisition of Citigroup's consumer banking business in four key ASEAN markets has significantly boosted the bank's retail banking business.
ASEAN-4 (Malaysia, Thailand, Indonesia and Vietnam) contributed more than 35% of the bank's personal financial services income in the first quarter of 2023. As of March 2023, UOB's branch network in Malaysia, Thailand and Vietnam had increased to 15.
In Vietnam, UOB began operating as an independent bank in 2018 and is a subsidiary of UOB Bank in Singapore. UOB is headquartered in Singapore and currently has a network of more than 500 offices in 19 countries and territories in Asia-Pacific, Europe and North America.
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