While investors were coping with the economic impact of the pandemic, UOB surprised the market with its announcement to acquire Citigroup’s (Citi) retail businesses in Malaysia, Thailand, Indonesia and Vietnam. The Citi sale was part of a wider retreat by Citigroup in around 13 retail markets.
Among the three banks, United Overseas Bank (SGX:U11
) (UOB) has the most entrenched regional platform, both physically and digitally. This was further boosted by its acquisition of Citigroup.
In January 2022, some 15 years after UOB’s group CEO Wee Ee Cheong was appointed CEO, the banking group made its first major acquisition.
