Harapman Kasan, Wholesale Banking Director at PT Bank UOB Indonesia, has confirmed that the acquisition of Citibank Indonesia’s consumer banking business is set to be completed in November 2023.
The acquisition, valued between four to five billion Singapore dollars (approximately Rp46 trillion to Rp56 trillion), encompasses Citibank’s operations in four ASEAN countries: Indonesia, Malaysia, Thailand, and Vietnam.
Kasan highlighted that both UOB and Citibank are actively working on the acquisition process, and they aim to complete it successfully by the end of November.
Citibank’s consumer banking business sale to UOB includes its retail banking and credit card operations while excluding its institutional banking business.
In addition to Indonesia, Citibank plans to sell its consumer banking division in Thailand, Malaysia, Vietnam, India, South Korea, and China, focusing its future operations on select countries, including Hong Kong, Singapore, London, and the Middle East.
In the first half of 2023, Bank UOB Indonesia reported a net profit of Rp646.81 billion, marking a 52.87 percent year-on-year increase from Rp423.18 billion.