KUALA LUMPUR, Sept 14 — UOB Malaysia and Citi Malaysia have received regulatory approval from Bank Negara Malaysia (BNM) for UOB’s acquisition of Citi’s consumer banking business in Malaysia.

In a joint statement today, it said following the approval, UOB Malaysia and Citi Malaysia would apply for a vesting order from the High Court to transfer Citi’s consumer banking assets and liabilities to UOB Malaysia.

The transaction is expected to be completed by the fourth quarter of 2022.

"The acquisition will scale up our retail business with an expanded portfolio and partner ecosystem, further strengthening UOB Malaysia’s outreach to customers through a wider network of branches and digital touchpoints,” said UOB Malaysia’s chief executive officer (CEO) Ng Wei Wei.

She said Citi’s consumer business in Malaysia, as well as in other markets of Thailand, Indonesia and Vietnam, enhances UOB’s regional franchise which would benefit all UOB customers, providing them with greater connectivity and higher brand recognition.

Meanwhile, Citi Malaysia’s CEO Usman Ahmed said it would continue to seamlessly serve its consumer customers until the remaining part of the sale process is completed and would communicate the date for the legal transfer in due course.

"Citi remains deeply committed to Malaysia and we will invest further in our market-leading institutional clients’ franchise to help our Malaysian clients grow in the country and abroad,” he said.

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 would be transferred to UOB Malaysia.

All related Citi Malaysia consumer bank employees and its supporting employees are also expected to transfer to UOB Malaysia. — Bernama