KUALA LUMPUR: UOB Malaysia and Citi Malaysia yesterday announced they have received regulatory approval from Bank Negara for UOB’s acquisition of Citi’s consumer banking business in Malaysia.
Following the approval, UOB and Citigroup will apply for a vesting order from the High Court to transfer Citi’s consumer banking assets and liabilities to UOB.
The transaction is expected to be completed by the end of the fourth quarter of 2022, the companies said in a statement.,
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UOB and Citigroup announced the proposed transaction on January 14, 2022 . Upon completion of the transaction, all of Citi Malaysia’s retail banking and consumer credit card business will be transferred to UOB.
All related Citi Malaysia consumer bank employees and its supporting employees are also expected to transfer to UOB.
UOB chief executive officer Ng Wei Wei said that for over 70 years, UOB has been part of Malaysia’s growth journey and this acquisition further underscores its confidence in the country’s long-term potential.
“Citi’s consumer business in Malaysia, as well as in Thailand, Indonesia and Vietnam enhances UOB’s franchise, which will benefit customers, providing them with greater connectivity and higher brand recognition.
“The acquisition will also scale up our retail business with an expanded portfolio and partner ecosystem,” Ng added.