: UOB Malaysia and Citi Malaysia have received regulatory approval by Bank Negara Malaysia for UOB’s acquisition of Citi’s consumer banking business in Malaysia.
UOB and Citigroup announced the proposed transaction on Jan 14, 2022. 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.
”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 in a statement today.