UOB completes acquisition of Citi’s consumer banking business in Malaysia

UOB completes acquisition of Citi’s consumer banking business in Malaysia

KUALA LUMPUR: Announcing the completion of its Malaysia and Thailand acquisitions, United Overseas Bank Ltd (UOB) said it is working towards a smooth transition of Citigroup’s consumer banking units with a plan for full system integration in 12 to 18 months.

With acquisitions in Indonesia and Vietnam ongoing, the Singapore-based lender said it expects to complete the transactions in the two markets in 2023.

“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,” said UOB deputy chairman and CEO Wee Ee Cheong in a statement.

The business integration includes UOB’s absorption of Citigroup talents. In a separate statement. Citigroup said over 3,000 related consumer bank employees and supporting employees will transfer to UOB.

Elaine Fan, formerly Citi Malaysia’s consumer business manager, will take on the role of UOB Malaysia’s head of retail and brand.

Taking the opportunity of Citigroup’s exit from the consumer banking segment in Asean, UOB is scaling up its Asean retail business outside of its home market of Singapore.

“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 Wee.

The consumer banking businesses acquired from Citigroup comprise its unsecured and secured lending portfolios, wealth management and retail deposit businesses.

According to UOB Malaysia CEO Ng Wei Wei, Citigroup Malaysia’s consumer banking customers can expect no change to their products, services and benefits.

“They can look forward to a wider range of solutions and offers as we harness the synergies from the combined expertise and partner networks of this acquisition,” she added.

Meanwhile, Citi Malaysia CEO Usman Ahmed said separately that Malaysia remains a key market for Citi and it is focused on growing its institutional clients franchise and Citi Solutions Centers in Kuala Lumpur and Penang.

“We are very pleased to have completed the divestiture whilst continuing to seamlessly serve our clients and maintain full operations over the last several months of execution. We are deeply grateful to our clients and colleagues for their support and confidence,” he added.

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