SINGAPORE — Southeast Asia’s growing wealth is a huge growth opportunity for United Overseas Bank as it expands its retail business in markets like Malaysia and Thailand, according to the Singaporean bank’s chief financial officer.
In 2022, UOB announced the acquisition of Citigroup’s retail business in Indonesia, Malaysia, Thailand and Vietnam for about 4.9 billion Singapore dollars ($3.6 billion), with integration of those operations to be completed in 2025. The number of retail customers in the four countries with credit cards and bank accounts had reached 5.6 million by the end of 2023.
