UOB Group completes acquisition of Citigroup's consumer banking business in Vietnam

The deal includes the transfer of approximately 575 Citigroup employees to UOB Vietnam. The acquired business includes unsecured and secured lending, asset management, and retail deposit banking. 

UOB has previously completed the acquisition of Citigroup's businesses in Thailand and Malaysia in November 2022, and is expected to complete the acquisition of Citigroup's consumer business in Indonesia by the end of 2023. 

With the completion of these acquisitions, UOB's retail customer base in the four markets is expected to double and add 5,000 personnel to its workforce. 

UOB Vietnam also announced the appointment of new senior leaders to lead the expanded retail business operations. 

The acquisition of Citigroup's consumer banking business in Vietnam is part of UOB's long-term strategy to strengthen its position in the market and expand its retail banking business.