KUALA LUMPUR – UOB Malaysia’s acquisition of Citi Malaysia’s consumer banking business has been greenlit with a regulatory approval from Bank Negara Malaysia.
According to a recent statement, the next step for UOB Malaysia and Citi Malaysia would be to apply for a Vesting Order from Malaya’s High Court in order to enable a transfer of consumer banking assets and liabilities from Citi Malaysia to UOB Malaysia.
The statement said that the transaction is expected to close by the fourth quarter of this year.
First announced back in January of this year, the completed transaction will have all of Citi Malaysia’s retail banking and consumer credit card business be transferred to UOB Malaysia.
Furthermore, the statement also reported that all relevant Citi Malaysia consumer bank personnel and its supporting staff will also be transferred to UOB Malaysia.
Ng Wei Wei, CEO of UOB Malaysia said that the acquisition further reaffirms the bank’s confidence in the nation’s long-term potential, having been part of Malaysia’s growth journey for over 70 years.
She said that Citi’s position in Malaysia and other countries like Thailand, Indonesia, and Vietnam, would bolster UOB’s regional franchise and will be a benefit to all of UOB’s clients through enhancing their connectivity and 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,” she said, adding that this acquisition will create long-term value for their enlarged customer base in Malaysia.
Meanwhile, CEO of Citi Malaysia, Usman Ahmed, said that Citi will continue to provide smooth service to their clients until the sales process is fully completed.
“We remain deeply committed to Malaysia and will invest further in our market leading institutional clients franchise to help Malaysian clients to expand within the country and abroad,” he added.
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