UOB strengthens regional position

The onboarding of Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam is expected to have an immediate accretive effect on UOB’s earnings per share and return on equity (ROE), underpinned by revenue synergies from scale benefits.

KUALA LUMPUR: United Overseas Bank Ltd’s (UOB) acquisition of Citigroup’s South-East Asian retail business will advance the Singaporean financial services group’s position as a leading regional bank.

The onboarding of Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam is expected to have an immediate accretive effect on UOB’s earnings per share and return on equity (ROE), underpinned by revenue synergies from scale benefits.