Citibank, N.A., Bangkok branch ("Citibank Thailand") has completed its acquisition of an Unsecured Personal Loans portfolio and Credit Card business from TISCO Financial Group ("TISCO") in Thailand.
On the back of the acquisition, the bank has added more than 130,000 new accounts and over US$150 million in receivables.
In a deal announced in March this year, Citibank Thailand and TISCO shared that both parties had 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 TISCO Financial Group.
The acquisition and system migration of the Credit Card portfolio was completed yesterday, September 23, and the acquisition and system migration of the Unsecured Personal Loans portfolio was concluded and announced in June 2018.
Citibank Thailand's new cardholders have received their new credit cards and now have access to the bank's full suite of credit card products, promotions and global privileges.
They also stand to benefit from Citibank's regional and country-specific digital partnerships with merchants including Agoda, Lazada, Airbnb and Garena while being able to manage their card accounts on Citibank Thailand's newly launched next-gen mobile app and social messaging platform LINE.
Growth in Thailand and the region continues to be positive. The Global Consumer Banking business in the region reported its eight consecutive quarter of growth in the second quarter of the year with revenues up 3 percent to US$1.87 billion and net income up 9 percent to US$359 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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