UOB just announced that they will take over Citibank consumer business in Malaysia, Indonesia, Thailand and Vietnam!
Here is what you need to know…
UOB Buys Citibank Malaysia, Indonesia, Thailand + Vietnam!
On 14 January 2022, UOB announced that they won the bid to take over Citibank consumer business in Malaysia, Indonesia, Thailand and Vietnam.
The acquisition of Citibank in Malaysia, Indonesia, Thailand and Vietnam will cost UOB about S$5 billion (about RM15.5 billion or USD 3.72 billion).
When completed around early 2024, the acquisition of Citibank Malaysia, Indonesia, Thailand and Vietnam will expand UOB’s retail customer base to approximately 10 billion in the region (including Singapore).
The sale comes more than 8 months after Citi announced in April 2021 that it would be exiting the consumer banking market in 13 markets. Citi, however, will continue to retain its Singapore assets.
The acquisition will affect some 5,000 Citi employees in those four countries, about 36% of whom have worked at Citi for more than a decade.
Official Statement By Citibank Malaysia On UOB Purchase
On 14 January 2022, Citibank Malaysia issued this advisory on the acquisition of Citi’s Consumer Banking business in Malaysia :
Dear Valued Customer,
I am writing to let you know that Citi in Malaysia has reached an agreement with UOB Group for the acquisition of Citi’s Consumer Banking business in Malaysia.
This is a positive outcome for Citi, our people, and our customers.
UOB Group will acquire Citi’s consumer business which includes credit cards, personal loans, retail banking, mortgages and wealth management solutions for high net-worth individuals.
We are delighted to find a strong partner in UOB Group, a leading Pan-Asian institution committed to providing great products, services and customer experiences. They have established a strong presence in Southeast Asia backed by a global network of 500 offices and have a reputation for building lasting relationships with customers.
Rest assured, there will be no immediate impact to your credit card accounts, loan accounts, deposits, investments, or any other product you may hold with us. This announcement is the start of a process that we expect will take time, with closing of the transaction subject to regulatory approvals.
Until such time, all our Consumer Banking business operations, Citibank service teams including our Relationship Managers, branches, call centers, Citibank Online and mobile banking services, will continue to serve you as usual.
Citi remains committed to serving you with excellence. Together with UOB Group, we will be sharing further updates with you in the future.
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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.
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