UOB will acquire Citibank’s retail banking business in Malaysia, Indonesia, Thailand and Vietnam! The acquisition process is expected to be completed in the second quarter of 2023, with all accounts and services remaining unchanged at this stage!
According to the latest news, Singapore’s UOB will acquire Citi Group’s retail banking business in Malaysia, Indonesia, Thailand and Vietnam for S$4.9 billion. After the completion of the acquisition process, the existing users will be transferred to UOB.
It is understood that regulatory approval will be required before the acquisition process can be completed. The integration of the Malaysian and Thai operations is expected to be completed by the second quarter of 2023, while the Indonesian and Vietnamese operations are expected to be completed by the first quarter of 2024.
If you have a Citibank bank account, credit card or loan, you will not be affected at this stage until the acquisition process is completed.
Back in April last year, Citigroup announced its plans to exit retail 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.