UOB Acquires Citigroup’s Consumer Business for Nearly S$5 Billion: 4 Things Investors Should Know

UOB Acquires Citigroup’s Consumer Business for Nearly S$5 Billion: 4 Things Investors Should Know

The purchase will include the US bank’s unsecured and secured lending portfolios, wealth management unit, and retail deposits business.

Back in April last year, Citigroup had announced that it was exiting 13 international markets for its consumer banking business and focus on just four core markets — Singapore, Hong Kong, London, and the United Arab Emirates.

Bloomberg then reported in October that DBS Group (SGX: D05), UOB and Standard Chartered Bank (LON: STA) were planning to bid for these assets.

This acquisition comes 17 years after the bank’s last acquisition of Indonesian Bank Buana back in 2005.

With this acquisition, UOB hopes to accelerate its retail banking business growth in the ASEAN region.

Here are four things that investors should know about this transaction








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The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.

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