"We hope it will be in November 2023," he said during a doorstop session at UOB Plaza, Jakarta, on Monday.
Kasan revealed that the acquisition value of Citibank's consumer banking business line by UOB Group is four to five billion Singapore dollars (around Rp46 trillion to Rp56 trillion) and covers Citibank's work area in four ASEAN countries — Indonesia, Malaysia, Thailand, and Vietnam.
"It's a package with four countries, Indonesia, Malaysia, Thailand, and Vietnam. Approximately 4 billion Singapore dollars, between four and five billion Singapore dollars," he informed.
He said that currently, his party and Citibank are intensively establishing communication to complete the acquisition stage.
"Now we are working intensively with UOB and Citi; hopefully, by the end of November we can do it well, and it will be delivered in time," he added.
Earlier, the CEO of Citi Indonesia, Batara Sianturi, confirmed that the acquisition or sale and purchase of its consumer banking assets and liabilities by UOB Indonesia will be completed by the end of this year.
He informed that Citibank's consumer banking business line sales transaction with UOB includes its retail banking and credit card businesses, but not its institutional banking business.
Besides Indonesia, Citibank will also sell its consumer banking line in Thailand, Malaysia, Vietnam, India, South Korea, and China, so that in the future, Citigroup's consumer banking business line will only operate in a few countries, such as Hong Kong, Singapore, London, and the Middle East.
In the first half of 2023, Bank UOB Indonesia recorded a net profit of Rp646.81 billion, or up 52.87 percent year on year (yoy) from Rp423.18 billion.
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Translator: Muhammad Heriyanto, Cindy Frishanti Octavia
Editor: Rahmad Nasution
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