UOB Malaysia and Citi Malaysia have received regulatory approval from Bank Negara Malaysia (BNM) for UOB’s acquisition of Citi’s consumer banking business in the country.
Following the approval, both sides will apply for a vesting order from the High Court of Malaya to transfer Citi’s consumer banking assets and liabilities to UOB Malaysia.
The transaction, which was proposed on on 14 January 2022, is expected to be completed by the fourth quarter of 2022.
Upon completion, all of Citi Malaysia’s retail banking and consumer credit card business as well as its consumer bank employees will be transferred to UOB Malaysia.
Citi assured its consumer banking business and wealth customers that the transition to UOB will be smooth and that they will continue to benefit from services and products similar to those they currently enjoy from Citi.
Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said,
“Citi’s consumer business in Malaysia, as well as in other markets of Thailand, Indonesia and Vietnam enhances UOB’s regional franchise, which will benefit all UOB customers, providing them with greater connectivity and higher brand recognition.”
Mr Usman Ahmed, Chief Executive Officer, Citi Malaysia, said,
“On behalf of Citi, I would like to express our deep gratitude to Bank Negara Malaysia for granting its approval for Citi to sell its consumer banking business to UOB.
We will continue to seamlessly serve our consumer customers until the remaining part of the sale process is completed and will communicate on the date for the legal transfer in due course.”
