consumer banking

In 2022, UOB agreed to acquire Citi’s Vietnam business as part of a larger deal that also includes Malaysia, Thailand and Indonesia. Meanwhile, the bank’s India consumer business will transfer to domestic lender, Axis Bank.

The bank forges ahead with its strategic divestiture from consumer banking in 14 markets.

Completion marks the bank’s second consumer business divestment, following its agreement with NAB in Australia.

The transaction is the latest in Citi’s plans to divest from its consumer businesses in Asia and EMEA.

UOB has agreed to acquire Citi’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.

Citi withdraws consumer franchises from 13 markets as it refocusses its effort on institutional clients and the wealth business. NAB acquires the bank's Australian division and 800 staff members.

Chinese tech companies are shifting their focus from B2C to B2B mode, and to JD Finance, that is the future.

Greater China and North Asia retail banking chief Mary Huen takes over from May Tan, who is retiring. The bank's Taiwan CEO will also step up to a regional markets role.

Banks must take the lead in adopting new technologies to provide the best financial services for their customers, writes Citi's head of global consumer banking.