Bank Negara Malaysia has given its consent to UOB Malaysia on its acquisition of Citi’s consumer banking business in Malaysia.
Following the regulatory approval, UOB Malaysia and Citi Malaysia will apply for a Vesting Order from the High Court of Malaya to transfer Citi’s consumer banking assets and liabilities to UOB Malaysia. The transaction is expected to be completed by the fourth quarter of 2022.
Both parties announced the proposed transaction in January this year whereby after completion of the transaction, all of Citi Malaysia’s retail banking and consumer credit card business will be transferred to UOB Malaysia. All related Citi Malaysia consumer bank employees and its supporting employees are also expected to transfer move to UOB.
Commenting on this significant event, Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said, “For over 70 years, UOB has been part of Malaysia’s growth journey, and this acquisition further underscores our confidence in the country’s long-term potential. Citi’s consumer business in Malaysia, as well as in other markets of Thailand, Indonesia and Vietnam enhances UOB’s regional franchise, which will benefit all UOB customers, providing them with greater connectivity and higher brand recognition.
The acquisition is said to scale UOB’s retail business with an expanded portfolio and partner ecosystem. En Usman Ahmed, Chief Executive Officer, Citi Malaysia, said, “We will continue to seamlessly serve our Consumer customers until the remaining part of the sale process is completed and will communicate on the date for the legal transfer in due course. I assure its consumer banking business and wealth customers that the transition to UOB will be smooth and that they will continue to benefit from services and products similar to those they currently enjoy from Citi.
