According to a news release from UOB Malaysia and Citibank Malaysia, Bank Negara Malaysia has given its approval for UOB to proceed with the acquisition of Citibank’s Malaysian consumer banking business.
With the approval from Bank Negara, UOB Malaysia and Citibank Malaysia will apply to the High Court of Malaya for an asset transfer order to transfer Citibank’s consumer banking assets and liabilities to UOB Malaysia. The acquisition is expected to be completed by the fourth quarter of 2022.
The proposed transaction was announced by UOB and Citigroup on 14 January 2022 and will result in the transfer of all of Citi Malaysia’s retail banking and consumer credit card businesses to UOB Malaysia. All Citibank Malaysia consumer banking staff and their support staff are expected to be transferred to UOB Malaysia.
If you hold a Citibank bank account, credit card or loan, you will not be affected in any way at this stage until the acquisition process is completed.
Back in April last year, Citigroup announced plans to exit its consumer banking business in 13 countries and territories, including Asia, Europe, the Middle East and Africa. The countries affected include Malaysia, Indonesia, Korea, Philippines, Thailand, Vietnam, Australia, Bahrain, India, Poland, Russia, China and Taiwan.
