UOB will be acquiring Citibank’s banking business in Malaysia! If you are a Citibank account or Citibank credit card holder, then the business will be transferred to UOB.
According to the latest news, Singapore’s UOB has offered S$4.9 billion to acquire Citigroup’s consumer banking business in Malaysia, Indonesia, Thailand and Vietnam. The businesses involved include Citigroup’s retail unsecured and secured loan portfolio, wealth management and retail deposit business.
In April last year, Citigroup announced plans to exit its retail banking business in 13 countries, including Asia, Europe, the Middle East and Africa.
The affected countries or regions include Malaysia, Indonesia, South Korea, the Philippines, Thailand, Vietnam, Australia, Bahrain, India, Poland, Russia, China and Taiwan.
However, Citi will continue to offer commodities in these markets for its institutional client base, namely private banking, cash management, investment banking and trading.
Citi will focus on non-U.S. consumer banking in Singapore, Hong Kong, the United Arab Emirates and London, as these four regions play a key role as financial centers.
