UOB To Own Citi’s Consumer Banking Business Effective 1 November 2022

Fatin Haris

Fatin Haris

Last updated 28 October, 2022

*Updated on 1 Nov 2022

UOB today announced the completion of the acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand. Completion of the acquisition of Citigroup’s consumer banking businesses in Indonesia and Vietnam is planned for 2023. The consumer businesses comprise Citigroup’s unsecured and secured lending portfolios, wealth management, and retail deposit businesses.

A strategy to scale up its ASEAN retail business outside of its home market of Singapore, this acquisition is expected to double UOB’s existing retail customer base in the four markets to 5.3 million customers and add 5,000 people to its team strength.

 

“The completion of our acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand is an important milestone as we continue to invest in our regional franchise. The acquisition provides us with increased scale and supports our ambition to be the bank of choice for consumers and businesses in ASEAN.” said Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer (CEO) of UOB. 

“Today we warmly welcome new colleagues and customers to the UOB family. With the addition of Citigroup talents to our already strong team in both markets, we have the capacity and capabilities to fast-track our regional growth plans. We are committed to ensuring a seamless migration experience for Citigroup’s customers. Our expanded touchpoints and partner network also enable us to provide a wider range of products, services and benefits to our enlarged customer base.”

UOB has also appointed the following senior executives to lead UOB expansion in Malaysia and Thailand. 

 

Malaysia: 

Ms Elaine Fan as Head of Retail and Brand, UOB Malaysia

Mr Ronnie Lim as Head of Personal Financial Services, UOB Malaysia

 

Thailand: 

Mrs Vira-Anong Chiranakhorn Phutrakul, Head of Retail and Brand, UOB Thailand

Mr Yuttachai Teyarachakul, Head of Personal Financial Services, UOB Thailand.

 

UOB will continue to focus on ensuring a smooth transition of Citigroup’s businesses across the four markets, with the aim of achieving a full system integration over the next 12 to 18 months.

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Citibank Berhad will officially transfer ownership of its consumer banking business to United Overseas Bank (Malaysia) Bhd on 1 November 2022.

Back in January 2022, UOB Malaysia and Citi Malaysia announced the proposed transaction and received approval from Bank Negara Malaysia (BNM) last September. Citi has also obtained a vesting order from the High Court to transfer its consumer banking assets and liabilities to UOB.

Citi assured its clients that there will be no immediate change in the way they serve their clients. You can continue to use Citibank Online, Citi Mobile® App, and ATMs for their banking products during this transition period. All Citi credit cards and loan accounts will remain active for usage and the benefits will remain unchanged.

Citi will also provide UOB with a license to use its trademarks for the consumer banking business, as well as the necessary technology services to continue serving its customers without interruption. Citi will inform you ahead of time before eventually migrating your accounts to UOBM.

Citi announced its decision to sell its businesses in Malaysia, Indonesia, Thailand, and Vietnam to UOB in January 2022. This is part of its strategy to enable more targeted investment to businesses, deliver high-quality services to clients, and have higher returns for their shareholders.

Read more on Citi's transition to UOB, here