Citibank’s consumer banking business will be transferred to UOB.
Bank Negara Malaysia has approved the acquisition of Citibank Malaysia’s consumer banking business by UOB Malaysia. This also means that all Citibank Malaysia retail banking accounts and credit cards will be transferred to UOB.
Citibank Malaysia’s cards are popular with its customers as they offer many benefits and cash rebates. The news of the sale of Citibank’s consumer banking business has left cardholders lamenting.
UOB and Citibank Malaysia are currently applying to the High Court of Malaya for an asset transfer order to transfer Citibank’s consumer banking assets and liabilities to UOB. The acquisition is expected to be completed by the fourth quarter of 2022.
UOB and Citigroup announced on January 14, 2022 that all retail banking and consumer credit card businesses of Citibank Malaysia will be transferred to UOB Malaysia upon completion of the proposed transaction. All Citibank Malaysia consumer banking staff and its support staff are expected to be transferred to UOB.
Back in April last year, Citigroup announced its plans to exit consumer banking in 13 countries and territories, including Asia, Europe, the Middle East and Africa. The affected countries or regions include Malaysia, Indonesia, Korea, Philippines, Thailand, Vietnam, Australia, Bahrain, India, Poland, Russia, China and Taiwan.
