Acquisition to strengthen UOB’s retail banking ops

The acquisition of the segment with a net asset value of about RM4.5bil, along with over 1,000 Citibank employees, are expected to strengthen UOB Malaysia’s retail banking business and leapfrog its credit cards market position by loans from sixth to second, the RAM rating agency said in a statement.(File pi shows the UOB Tower in Malaysia, Kuala Lumpur.)

PETALING JAYA: RAM Ratings views United Overseas Bank (M) Bhd’s (UOB Malaysia) proposed acquisition of Citibank Bhd’s consumer banking business as a credit positive.

The acquisition of the segment with a net asset value of about RM4.5bil, along with over 1,000 Citibank employees, are expected to strengthen UOB Malaysia’s retail banking business and leapfrog its credit cards market position by loans from sixth to second, the rating agency said in a statement.