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".

Prospects

Every Monday

With exclusive interviews and in-depth coverage of the region's most pressing business issues, "Prospects" is the go-to source for staying ahead of the curve in Indonesia's rapidly evolving business landscape.

View More Newsletter

By registering, you agree with The Jakarta Post's Privacy Policy

Sign Up

Thank You

for signing up our newsletter!

Please check your email for your newsletter subscription.

View More Newsletter

The deal in Malaysia and Thailand were completed in November 2022, while Vietnam's transaction was finished this March.

Popular

Indonesia one step from Olympics after beating South Korea

Opposition weakens as rivals pledge support for Prabowo

Golden generation