Jakarta ● Fri, January 14, 2022
Singapore-based lender United Overseas Bank (UOB) expects to complete an acquisition of Citibank's (Citi) retail and credit card business in Indonesia by the fourth quarter of 2023 to strengthen its foothold in Southeast Asia's largest economy.
UOB said on Friday that the acquisition, subject to regulatory approval from the Financial Services Authority (OJK), would double its Indonesian customer base from 550,000 to around 1.2 million.
This would grow UOB Indonesia’s retail business "at a scale we could never get," said UOB chief financial officer Wai Fai Lee.
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