Bangkok – Citibank N.A. Bangkok Branch ("Citibank Thailand") has successfully completed the acquisition and migration of the Personal Loans portfolio from TISCO Bank Public Company Limited ("TISCO Bank").
On March 30, 2018, Citibank Thailand, TISCO Bank and All-Ways Company Limited ("All-Ways") signed an agreement involving Citibank Thailand's purchase of TISCO Bank's unsecured Personal Loans portfolio and All-Ways' Credit Card business. TISCO Bank and All-Ways are wholly-owned subsidiaries of Thailand-listed TISCO Financial Group ("TISCO"). View the announcement of the Citibank Thailand-TISCO deal.
Targeted for the second quarter of the year, the migration and completion of the Personal Loans portfolio acquisition was completed in a timely manner with minimal disruption to customers. The transfer and completion of the Cards portfolio acquisition remains on track to be completed by the end of this year and is progressing.
Citibank Thailand and TISCO Bank worked together to keep customers updated at various stages of the migration process. A dedicated call center to manage queries and provide more information has also been set up for this group of customers.
With the migration to Citi's platform, new Personal Loans customers now have full access to relevant products and services including special marketing programs.
The Personal Loans portfolio acquisition underlines Citi's focus on growth and allocation of resources to such acquisition opportunities. Once completed, the deal will further scale Citi's Consumer Banking presence in Thailand. The total Personal Loans and Credit Cards portfolio at closing will include US$150 million in receivables and over 130,000 accounts.
Thailand is a key strategic market for Citi in the Asia Pacific region where Citi has over 17 million customer accounts and continues to generate positive performance. Citi's Consumer Banking business in the region reported its seventh consecutive quarter of growth in the first three months of 2018 with revenues up 11 percent to US$1.93 billion and net income up 50 percent to US$373 million.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Harsha Jethnani +852-2868-7738 email@example.com