UOB expands retail scale in Southeast Asia after Citi deal

UOB noted that the integration has expanded its regional scale, with the bank now serving more than 8.5 million customers across ASEAN

UOB is seeing stronger traction in Southeast Asia after integrating Citi’s retail banking businesses in four markets, according to a report by The Business Times.

Speaking at the bank’s annual general meeting, Deputy Chairman and CEO Wee Ee Cheong said the acquisition is now contributing more clearly to UOB’s regional retail growth after a lengthy integration process.

The S$4.9 billion (US$3.85 billion) deal was announced in January 2022 and covered Citi’s retail banking businesses in Indonesia, Malaysia, Thailand and Vietnam.

UOB noted that the integration has expanded its regional scale, with the bank now serving more than 8.5 million customers across ASEAN.

The completion of the Vietnam integration marked the end of its multi-year regional transformation linked to the deal.

Wee added that UOB will continue investing in infrastructure and technology as it builds out its retail platform across the region.

He noted that Southeast Asia is not a uniform market, with differences in language and customer needs requiring a more tailored approach in each country.

That strategy is also showing up in the numbers. UOB’s ASEAN-4 segment, comprising Indonesia, Malaysia, Thailand and Vietnam, recorded 5% total income growth for the 12 months ended 31 December 2025, outperforming the broader group, where total income fell 3%.

Even as UOB expands its regional capabilities, the bank remains disciplined about how it competes.

For instance, while domestic lenders are strong in their home markets, they have hardly any presence outside their own countries, leaving UOB well-placed to align the ASEAN interest in connectivity, Wee noted.

We should be able to double down on wealth because we have the customer base, he said. It would be unwise for us not to take advantage.

UOB added that its retail focus is now on deepening customer relationships through more personalised wealth solutions, advisory and continued investment in digital capabilities.