Brilliant You Owe Bank UOB

[syed putra]

UOB to acquire Citi’s consumer business in Malaysia, Indonesia, Thailand, Vietnam
FMT Reporters
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January 14, 2022 9:21 AM
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United Overseas Bank Ltd says acquisition of the Citigroup business will be subject to regulatory approvals in each country and in Singapore.
PETALING JAYA: Singapore’s United Overseas Bank Limited (UOB) has entered into an agreement to acquire Citigroup’s consumer banking business in Malaysia, Indonesia, Thailand and Vietnam.
UOB said the business comprises Citigroup’s unsecured and secured lending portfolios, wealth management and retail deposits.

As part of the proposed acquisition, it said, UOB intends to bring onboard Citigroup’s employees in the consumer business.










“The proposed acquisition will further strengthen and deepen UOB’s Asean franchise,” it said in a statement this morning.



“Citigroup’s consumer business had an aggregate net asset value of approximately S$4 billion and a customer base of about 2.4 million as of June 30, 2021, and generated income of approximately S$0.5 billion in the first half of 2021.
“Excluding one-off transaction costs, the proposed acquisition is expected to be immediately accretive to UOB’s earnings per share (EPS) and return on equity (ROE).”
It said the total cash consideration for the proposed acquisition would be calculated based on an aggregate premium equivalent to S$915 million plus the net asset value of the consumer business as at completion.
Completion of the acquisition will be conditional on obtaining regulatory approvals relevant to each country and in Singapore.

It is estimated that completion will take place between mid-2022 and early 2024, it said, depending on the progress and outcome of the regulatory approval process.

 

[eatshitndie]

after ah neh took charge of citi, citi stood for shiti.

 

[syed putra]

after ah neh took charge of citi, citi stood for shiti.

Nothing to do with Indians. Here us the problem.

Jane Fraser
Chief Executive Officer
Citi

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Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. She is the first female CEO in the firm’s history.
Jane has deep experience across Citi’s consumer and institutional businesses and, in many ways, she helped shape Citi into the company it is today. Before becoming CEO in February 2021, she was President of Citi and CEO of the Global Consumer Bank, responsible for all of Citi’s Consumer businesses, including Retail Banking and Wealth Management, Credit Cards, Mortgage and Operations and Technology in 19 markets.

 

[laksaboy]

UOB was my first bank.

I miss their cute mini green and orange bank booklets. The older ones who had a UOB savings account back then, you know what I'm talking about.

 

[eatshitndie]

Nothing to do with Indians. Here us the problem.

Jane Fraser
Chief Executive Officer
Citi

• Section 16 Reports
• Follow
• Download Photo

Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. She is the first female CEO in the firm’s history.
Jane has deep experience across Citi’s consumer and institutional businesses and, in many ways, she helped shape Citi into the company it is today. Before becoming CEO in February 2021, she was President of Citi and CEO of the Global Consumer Bank, responsible for all of Citi’s Consumer businesses, including Retail Banking and Wealth Management, Credit Cards, Mortgage and Operations and Technology in 19 markets.

not referring to current ceo. before 2013, it was vikram pandit. or the bandit.

 

[SalahParking]

smells fishy. Citi NAV is inflated. And doesn't state bad debts. UOB likely over paying by 5x. cash premium is too small for all the markets.

 

[red amoeba]

Last time UOB RMs always I beo. UOB has the first open concept at Raffles Place. Go there see chio bu and enjoy aircon. But I heard the turnover very high. Staff benefit the worst of local banks.

 

[SalahParking]

Citi doesn't have a franchise in these 3rd world countries. only a presence. Citi dont have branch networks in each country also. That's why they exit, always losing money.

 

[syed putra]

Citi doesn't have a franchise in these 3rd world countries. only a presence. Citi dont have branch networks in each country also. That's why they exit, always losing money.

I think they are not losing. But profits too smsll compared to other markets.
And some genius must have seen the graph going lower and lower due to pandemic. Sell before it becomes negative.

 

[SalahParking]

I think they are not losing. But profits too smsll compared to other markets.
And some genius must have seen the graph going lower and lower due to pandemic. Sell before it becomes negative.

Nope. Basically Citi retail is a Credit Card business in these 3rd world countries. Notice Citi Singapore and HK are not included. And Wholesale is also not included.Because the business are from offshore clients who fly to HK and SG to book them. UOB is basically paying $5b for a credit cards business. Fuck Deal.

 

[SalahParking]

I think they are not losing. But profits too smsll compared to other markets.
And some genius must have seen the graph going lower and lower due to pandemic. Sell before it becomes negative.

Nope. Basically Citi retail is a Credit Card business in these 3rd world countries. Notice Citi Singapore and HK are not included. And Wholesale is also not included.Because the business are from offshore clients who fly to HK and SG to book them. UOB is basically paying $5b for a credit cards business. Fuck Deal.

 

[syed putra]

not referring to current ceo. before 2013, it was vikram pandit. or the bandit.

Vikram was appointed to save citi.

 

[SalahParking]

Today many dumbfucks believe this is a good deal. UOB Payin only 1.2x book for Citi credit card portdolio. while OCBC con pay 1.8x for and entirr Wing Hang Bank. People sign up for a Citicard for a reason Now they have a reason to not to continue to hold a Citicard. Old Man Wee will turn up and kick his son arse out.

 

[nightsafari]

Today many dumbfucks believe this is a good deal. UOB Payin only 1.2x book for Citi credit card portdolio. while OCBC con pay 1.8x for and entirr Wing Hang Bank. People sign up for a Citicard for a reason Now they have a reason to not to continue to hold a Citicard. Old Man Wee will turn up and kick his son arse out.

old man wee not in charge anymore? this is his son's idea?

 

[syed putra]

Today many dumbfucks believe this is a good deal. UOB Payin only 1.2x book for Citi credit card portdolio. while OCBC con pay 1.8x for and entirr Wing Hang Bank. People sign up for a Citicard for a reason Now they have a reason to not to continue to hold a Citicard. Old Man Wee will turn up and kick his son arse out.

There is a price to pay for a increase in market share.

 

[LordElrond]

Citibank consumer credit grants unsecured facilities to customers rejected by other banks. UOB will find itself acquiring a whole portfolio of customers lt rejected.

 

[congo9]

I don't have such problem, I walk into any banks in Singapore without issue.
The issue is how much you gonna lent to me , at what terms .

 

[SalahParking]

Citibank consumer credit grants unsecured facilities to customers rejected by other banks. UOB will find itself acquiring a whole portfolio of customers lt rejected.

that's why the unsecured make up 90% of the port folio.