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UOB-Citigroup acquisition to bring immediate 1.4 times income uplift: UOB GCFO

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KUALA LUMPUR: United Overseas Bank Ltd (UOB) expects its acquisition of Citigroup’s consumer banking businesses will immediately bring a 1.4 times uplift to income, said UOB group chief financial officer (GCFO) Lee Wai Fai.

"At the group level, we will see an immediate S$1 billion incremental income uplift,” he said during a virtual briefing on the UOB-Citigroup proposed acquisition today.

"As a long-term player, UOB has been disciplined, selective and patient in seeking the right opportunities to grow. We have been on the lookout all this while, even as we focus on organic growth. Combining Singapore and the region, the group would have a total customer base of slightly less than 10 million, which will give an opportunity to crop benefit for the whole region, he shared.

Timing-wise, he added, the COVID-19 crisis allows validation and resilience of the business and portfolio, for both UOB and Citi.

 

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