United Overseas Bank Limited (UOB) of Singapore on Wednesday said that it has completed the acquisition of Citigroup’s consumer banking segment in Vietnam, with the aim of expanding its business. 

UOB acquired Citigroup’s consumer banking segment in Thailand and Malaysia last year and will complete the acquisition in Indonesia soon.

Victor Ngo, Chief Executive Officer of UOB Vietnam, said the potential for the people and businesses in Vietnam is tremendous as it is an economy of rapid growth and transformation, coupled with the swift digital adoption.

According to Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB, the bank looks forward to accelerating the expansion of its retail business in Vietnam, which is one of the fastest growing economies in the region.

Source: VOV5