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Citi Indonesia concludes consumer banking sell-off to UOB
Citi and UOB first announced the transaction in January last year, as part of a broader sale of Citi's retail businesses in Asia.
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Citi Indonesia CEO Batara Sianturi speaks to journalists at a press conference in Jakarta. (Courtesy of/Citibank)
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ajor global lender Citi has completed the sale and full migration of its Indonesia consumer business to the local unit of Singapore-based lender United Overseas Bank (UOB), the firm announced on Monday.
The deal includes the sell-off of Citi's retail banking, credit card and unsecured lending businesses, as well as the transfer of employees. It marks the ninth and final full consumer divestiture of Citi's businesses in Asia.
"[The divestiture] marks a significant milestone in simplifying the firm. We are sincerely grateful to our former employees in Indonesia and wish them the very best in their careers with UOB," Titi Cole, Citi's head of legacy franchises, said in a statement.
Read also: UOB to acquire Citibank Indonesia’s consumer business
Citi and UOB first announced the transaction in January last year, as part of a broader sale agreement that covered consumer banking businesses across Malaysia, Thailand, Vietnam and Indonesia.
At that time, UOB said the deal would double its Indonesian customer base from 550,000 to around 1.2 million. The Singaporean lender even dubbed the buyout to grow UOB Indonesia's retail business "at a scale we could never get".
The deal in Malaysia and Thailand were completed in November 2022, while Vietnam's transaction was finished this March.
