Completion of Citibank Indonesia’s Consumer Business Acquisition by UOB Scheduled for End of 2023

JAKARTA, KOMPAS.com – Citibank Indonesia (Citi Indonesia) CEO Batara Sianturi confirmed that the acquisition process of the consumer business by UOB would be completed by the end of 2023. Previously, he mentioned in the performance presentation of the first quarter of 2023, that the sale and purchase process of assets and liabilities is targeted to be completed in the second quarter of 2023.

“As we have said, in the first quarter of 2023, this acquisition is targeted (to be completed) by the end of 2023,” said Batara in Jakarta, Thursday (20/7/2023).

Batara ensured that the process of acquiring Citi’s consumer business to UOB would be completed no later than the end of 2023.

Also read: UOB Acquires Citigroup Consumer Business in Indonesia, Malaysia, Thailand and Vietnam

“Yes, semester II of 2023, from July to December, it’s nearing the end of the year, we will comply,” he added.

However, Batara was reluctant to disclose further about the company’s acquisition value. When he wanted to be sure, whether it was true that the value reached Rp. 52 trillion, he was reluctant to comment on that.

“We have to see first, the final one. I can’t comment on that,” said Batara.

This year, the process of acquiring Citibank by UOB has been carried out in Malaysia. He believes, Indonesia is the next country that will complete the acquisition.

“Last week, Malaysia had a cut offer, which means next to Indonesia, and we have announced to investors that we are in Citi Indonesia,” he said.

“Next, one of the countries that will cut over this year is Indonesia,” he said firmly.

Batara ensures that, during the acquisition process, all products and services offered to customers will run normally as usual. Operational activities at all branch offices will also run as usual.

The acquisition transaction of Citi’s consumer business with UOB includes the retail banking and credit card businesses. However, this does not include the institutional banking business.

With this acquisition, Citi’s consumer banking business line will only operate in a number of countries, including Hong Kong, Singapore, London and the Middle East. Apart from Indonesia, Citi also sells its consumer businesses in Thailand, Malaysia, Vietnam, India, South Korea and China.

Also read: Citi Indonesia Projects Indonesia’s Economy Will Grow Above 5 Percent This Year

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2023-07-20 11:40:00
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