As part of its ongoing strategy refresh, Citigroup CEO Jane Fraser last week announced that Citi will focus its Global Consumer Bank presence in Asia and EMEA on global wealth centers and as a result, will pursue an exit from Consumer franchises in 13 markets across two regions, including Malaysia.
Following the announcement on April 15, Citi Malaysia wishes to assure its customers that its Consumer Business operations and offices will continue to operate as normal with the same dedication and passion to serve and support clients.
Consumer Business Manager Elaine Fan confirms, “We would like to convey to all credit card, bank account holders and our customers in investments and loans, that all our existing products and services will continue normally and there will be no change in our high level of service. All branches, ATMs, call center and offices, will continue to operate as they do today. Customers can continue to conduct transactions or service inquiries through the Citi Mobile App, Citibank Online and CitiPhone. This will remain the case until we notify customers of any changes in the future.”
“Citi’s Consumer Business in Malaysia has made significant progress over the past few years in its strategic pursuit of client excellence, leadership in wealth management, credit cards and digitalization. We will serve our clients with the same care and dedication. We are immensely proud of our talented team of professionals and our outstanding customer 2/3 base in Malaysia and are committed to finding the best possible outcome for them,” Fan added.
Citi has a rich and long history in Malaysia, dating back to 1959 and the bank reaffirms its long-term commitment to growing in Malaysia. The strategy refresh presents an opportunity to invest further and grow Citi’s Institutional Clients Group franchise in Malaysia which provides clients access to market leading corporate banking, treasury and trade and markets and securities services solutions.
“As we embark on a new chapter in Malaysia, we will ensure that we do this in a way that protects the interests of and minimizes the impact on our customers, employees and other stakeholders. We have dedicated teams and a strong client base who have contributed to our success. We today bank 80% of the 50 largest market cap companies and 650 multinational companies in Malaysia. There will be no change in the way we serve our customers and we are confident in our ability to execute and effectively manage the transition. We will provide further timely updates when we have details to share but we want to reassure that our priority remains on serving the banking needs of our customers and clients,” said Citi Malaysia CEO Usman Ahmed.
Citi Malaysia which has a workforce of over 5,000 employees has for the past 21 consecutive years been awarded the ‘AAA’ rating by RAM Rating Services Berhad. Citi has always been a leader in transaction processing in Malaysia since setting up its Citi Solutions Center, a world class global processing center in Penang in 1993 and the establishment of a second center in Kuala Lumpur in 2007. These centers which are part of the global Citi Solutions Centers Network, help build scale and capacity for growth and establish world class processing standards.