Citibank Thailand has signed an agreement to acquire TISCO Bank’s unsecured personal loans portfolio and All-Ways’ Credit Card business for an undisclosed amount.
Subject to customary closing conditions, the deal is expected to close later this year.
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The acquisition will be completed in two tranches where in the first stage the TISCO’s personal loans portfolio will be migrated to Citibank Thailand, which is expected to be completed in current quarter.
The second tranche, expected to be completed before the end of this year, will see the transition of credit cards portfolio.
At closing, the total portfolio is estimated to include more than $150m in receivables and more than 130,000 accounts.
Citibank head of Asia Pacific consumer banking Anand Selva said: “This transaction gives us the opportunity to further grow our business in Thailand as we work towards sustaining our positive growth momentum in our Consumer Banking business in the region.
“Last year we entered into a long-term distribution partnership with Coles in Australia and acquired the associated credit card receivables and this latest transaction underlines our further investments to support growth.”
In the Asia Pacific region, Citi has more than 16 million credit card accounts. Last year, the revenues of this segment increased by 10% to $2.9bn, while the net income stood at $452m, a growth of 12%.
