The businesses acquired from Citigroup comprise unsecured and secured lending, as well as wealth management and retail deposit, UOB said in a statement today.

It said the acquisition was part of a strategy to scale up its Asean retail business outside of its home market, Singapore.

“Once completed, the acquisition is expected to double UOB’s existing retail customer base in the four markets to 5.3 million people,” it said.

The acquisition will also see the addition of another 5,000 personnel in its staff strength.

Deputy chairman and CEO Wee Ee Cheong said the acquisition of the businesses in Malaysia and Thailand would help the bank scale up its retail business in Asean and become the bank of choice for consumers in the region.

As part of the acquisition, Elaine Fan has been appointed head of retail and brand and Ronnie Lim is the new head of personal financial services for UOB in Malaysia.