UOB completes acquisition of Citi’s consumer banking business in Malaysia | So Good News

KUALA LUMPUR: In announcing the completion of its acquisitions in Malaysia and Thailand, United Overseas Bank Ltd (UOB) said it is working to transform Citigroup’s consumer banking units with a plan to integrate the entire system in 12 to 18 months.

Meanwhile, the Singaporean lender plans to complete its acquisitions in Indonesia and Vietnam by 2023.

“We are committed to ensuring seamless mobility for Citigroup customers. Our additional locations and network of partners also enable us to offer more products, services and benefits to our growing customer base,” said UOB Vice Chairman and CEO Wee Ee Cheong. in a sentence.

The business combination involves UOB’s absorption of Citigroup talent. In different words. Citigroup said more than 3,000 consumer banking and support staff would transfer to UOB.

Elaine Fan, formerly head of consumer business at Citi Malaysia, has taken up the role of head of sales and brand for UOB Malaysia.

Taking advantage of Citigroup’s exit from Asean consumer banking, UOB is expanding its Asean banking business outside of the Singapore market.

“Completing our acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand is an important milestone as we continue to invest in our region.

“This acquisition provides us with greater growth opportunities 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 consist of its unsecured lending portfolio, wealth management and retail businesses.

According to UOB Malaysia CEO Ng Wei Wei, Citigroup Malaysia’s retail customers cannot expect a change in their products, services and benefits.

“They can expect more solutions and offerings as we leverage synergies from our integrated technology and network of partners in this acquisition,” he added.