(Reuters photo)Good asset quality and strong competition in the Thai consumer banking sector are the main reasons United Overseas Bank (UOB) is buying Citibank's retail arms in four Asean markets, says an executive. Under the asset integration, UOB expects to double its retail customer base in the four markets to 5.3 million by 2026. The Thai market has the largest retail customer portfolio among the four countries at 2.4 million, of which 1.3 million are clients of UOB (Thai) and 1.1 million of Citi Thailand. Asset integration in Thailand is expected to be completed by the first half of next year, he said. Following legal vetting of the asset integration, UOB plans to gradually rename the brand from Citi to UOB over the next 6-24 months, he said.

Source: Bangkok Post January 15, 2022 03:58 UTC