UOB completes acquisition of Citigroup’s consumer banking in Vietnam
Singapore bank UOB said Wednesday it has finished the acquisition of Citigroup’s consumer banking business in Vietnam, which includes the transfer of about 575 Citigroup-related staff members to UOB Vietnam.
The consumer business includes Citigroup’s unsecured and secured lending portfolios, wealth management and retail deposit businesses.

A customer uses UOB Vietnam’s ATM service. Photo courtesy of the bank.
The deal follows UOB’s completions in Thailand and Malaysia in November 2022. Its acquisition of Citigroup’s Indonesian consumer banking business is set for completion by end-2023.
UOB’s acquisitions in the four markets are expected to further strengthen and scale up its franchise in Southeast Asia. Once completed, the acquisitions in the four markets will double UOB’s existing retail customer base and add 5,000 staff members to its workforce.
“We look forward to accelerating the expansion of our retail business in Vietnam, which is one of the fastest-growing economies in the region,” said UOB deputy chairman and CEO Wee Ee Cheong.
“With the addition of new colleagues, we have a stronger team to drive our ambition to be a truly regional bank that helps our customers achieve their financial aspirations,” he said.
Both UOB and Citigroup did not disclose the total transaction value for the four ASEAN markets or for each. However, UOB said in January 2022 that Citigroup had agreed on the entire transaction for about $3.7 billion.
UOB Vietnam announced Wednesday it has made senior appointments to drive its enlarged retail business in the market. Fred Lim was named as head of retail transformation, channels and digitalization, and business banking. Paul Kim was appointed as head of personal financial services, also at UOB Vietnam.
The Singapore major bank said UOB Vietnam has worked closely with Citigroup Vietnam to ensure a seamless transition for customers, which is expected to take 12 to 18 months as UOB works towards a full system integration.
During the transition period, Citigroup Vietnam’s consumer banking customers can expect a continuation in the product offerings, services and benefits. They can also look forward to a wider range of solutions and offers from UOB’s larger franchise, the Singapore bank added.
Existing UOB Vietnam customers will also benefit from an expanded suite of unsecured products, including credit cards and unsecured personal loans, which complement UOB’s existing lending solutions.
Victor Ngo, CEO of UOB Vietnam, said, “The acquisition of Citigroup’s consumer banking business in Vietnam comes at the right time and reinforces our long-term strategy and commitment to the market. The potential for the people and businesses in Vietnam is tremendous as it is an economy of rapid growth and transformation, coupled with swift digital adoption.”
As one of the fastest-growing economies in ASEAN, Vietnam is a strategic market for UOB as the bank continues to intensify its focus and investment in the region, the international lender highlighted.
For its retail business in Vietnam, UOB is looking forward to offering consumers from the middle-income to affluent and high-net-worth segments an improved suite of banking products. UOB Vietnam will also build digital capabilities as part of investing in its omnichannel strategy which ensures customers’ myriad banking needs and preferences are met.
- Read More
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7
Philippine energy group eyes investment in Vietnam’s power sector
AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.
Energy - Wed, August 6, 2025 | 11:11 pm GMT+7
Vietnam seeks 8.3-8.5% economic expansion for 2025
The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.
Economy - Wed, August 6, 2025 | 10:41 pm GMT+7
- Consulting
-
Navigating tariff shocks: Vietnam’s path forward through diversification
-
Southeast Asia IPO performance in Jan-June
-
Vietnam's fund management industry has chance to make breakthrough development: exec
-
Vietnam infrastructure spending surges 40%
-
Vietnam needs two-pronged policy approach to mitigate impact of rising oil prices: RMIT experts
-
Proactively managing risk in volatile times