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Acquisition of Citi's consumer business to accelerate UOB's growth plans, add value
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UOB is targeting a 13 per cent return on equity by 2026 as a result of the acquisition.
PHOTO: ST FILE
SINGAPORE - UOB's $5 billion acquisition of Citigroup's consumer banking franchise in Malaysia, Thailand, Indonesia and Vietnam will enable it to scale up its business in four key regional markets at one go and accelerate its growth targets by five years, said UOB deputy chairman and chief executive Wee Ee Cheong on Friday (Jan 14).
The move comes at a time when UOB's competitors are expanding their market share in countries such as China and India.
