Citi Indonesia Boss Says UOB's Acquisition Will Be Completed By The End Of 2023

JAKARTA - Citi Indonesia's acquisition or sale and purchase of assets and consumer banking business liabilitaas (consumer banking) to UOB Indonesia will be completed by the end of 2023.

This was stated by Citi Indonesia's Chief Executive Offerer (CEO), Batara Sianturi. "In accordance with what we announced in the first quarter, it is targeted at the end of 2023," Batara quoted Antara as saying.

He said Citigroup had completed the acquisition process in Malaysia last week, so it is possible that the acquisition process in Indonesia by UOB will not be completed soon.

"The important thing is that last week, Malaysia was cut off, meaning next time Indonesia. And that has also been announced by globaly, to our investors, that the next country that will cut off this year is Indonesia," Batara said.

However, his party has not been able to convey the value or amount of the acquisition of the consumer business by UOB.

"Wow, I can't comment on that," said Batara.

Previously, Batara explained that Citi had signed an asset sale and liabilities agreement for a consumer business with UOB to ensure a smooth transition for customers, employees, and partners.

His party ensures that all products and services offered to customers will continue as usual in the midst of the ongoing acquisition process.

"In addition, operational activities in all branches, including call centers and employees, will also continue to run normally," Batara said.

He explained that Citi's consumer business line sales transactions with UOB include retail banking and credit card businesses, however, do not cover the institutional banking business.

Meanwhile, the consumer business acquisition process is a corporate action carried out by Citigroup globally, where Citigroup's consumer banking line in the future will only operate in several countries, including Hong Kong, Singapore, London, and the Middle East.

In addition to Indonesia, Citi also sells consumer businesses in Thailand, Malaysia, Vietnam, India, South Korea, and China.