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UOB Acquisition Of Citi’s Consumer Banking Business In Malaysia Receives Approval From Bank Negara Malaysia

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UOB Malaysia and Citi Malaysia announced that they have received regulatory approval by Bank Negara Malaysia for UOB’s acquisition of Citi’s consumer banking business in Malaysia.

Following the 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.

UOB and Citigroup announced the proposed transaction on 14 January 2022[1]. Upon 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 to UOB Malaysia.

Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said, “We greatly appreciate Bank Negara Malaysia’s approval for the acquisition. 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 will also scale up our retail business with an expanded portfolio and partner ecosystem. It further strengthens UOB Malaysia’s outreach to customers through a wider network of branches and digital touchpoints. We look forward to welcoming Citi colleagues to the UOB family. Together, we will create long-term value for our enlarged customer base in Malaysia.”  

Mr Usman Ahmed, Chief Executive Officer, Citi Malaysia, said, “On behalf of Citi, I would like to express our deep gratitude to Bank Negara Malaysia for granting its approval for Citi to sell its Consumer Banking business to UOB. 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. Citi remains deeply committed to Malaysia and we will invest further in our market leading institutional clients franchise to help our Malaysian clients grow in the Country and abroad.”

Citi assures 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.

About UOB Malaysia

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) was incorporated in 1993 but has had presence in Malaysia since 1951. Today, UOB Malaysia is the largest foreign bank operating in Malaysia by total assets, loans and deposits and has 45 branches across the country offering both conventional and Islamic banking services. It offers an extensive range of financial products and services through its branches and subsidiaries such as corporate and commercial lending, investment banking, treasury services, trade services, cash management, custody services, home loans, credit cards, wealth management, and bancassurance products.

UOB Malaysia is rated among the top banks in Malaysia with a long term AAA rating from Ratings Agency of Malaysia. Guided by our rich heritage and values, we have built lasting relationships with our customers and continue to ensure we act in their best interest by delivering solution s that meet their financial goals and suit their lifestyles and preferences.

UOB Malaysia is a subsidiary of UOB, a leading bank in Asia with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

UOB believes in being a responsible financial services provider and is committed to making a difference in the lives of its stakeholders and in the communities in which it operates. Just as it is dedicated to helping its customers manage their finances wisely and to grow their businesses, UOB is steadfast in its support of social development, particularly in the areas of art, children and education.

For further information, please visit www.uob.com.my.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

[1] Please see UOB news release: ‘UOB Group to Acquire Citigroup’s Consumer Business in Indonesia, Malaysia, Thailand and Vietnam’, 14 January 2022. Please see Citi news release: ‘Citi Announces Agreement to Sell Consumer Bank in Indonesia, Malaysia, Thailand and Vietnam to UOB Group’, 13 January 2022.

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