Citi To Transfer Ownership Of Consumer Banking Business To UOB On 1 November 2022
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Citi said that it has successfully obtained a vesting order from the High Court to transfer its consumer banking assets and liabilities to UOB, with the transfer of ownership set to take effect from 1 November 2022. With this, UOB will soon assume responsibility for the issuance and servicing of all existing Citi-branded products and services.

In a notice to its customers, Citi explained that the vesting order was granted on 12 October 2022, and once the transfer takes effect on 1 November, the banks will go through a transition period before migration. During the transition period, Citi will provide UOB with a licence to use its trademarks for the consumer banking business, as well as the necessary technology services to continue serving its customers without interruption.

“This means your products and services will continue to be Citi-branded and served using Citi’s systems until such a period where the migration is complete,” said Citi in its email.

(Image: The Edge Markets)

Citi also reiterated that there will be no immediate change in the way that it serves its clients during the transition period, and that customers can continue to bank as they always have; no action is required from them as of now. You can still use Citi’s existing services and products – including online banking website, mobile app, and ATMs – as usual, and the ongoing transition will not alter the way you use and manage your banking accounts either.

Similarly, all credit cards and loan accounts held with Citi will remain active, and the benefits that you enjoy will also remain unchanged. All your existing Citi Rewards points and miles, too, are still valid, and you can continue to earn points for any eligible spend. This applies to existing standing instructions, recurring payments, and loan repayment arrangements as well; until the migration is completed, these instructions will remain uninterrupted.

Meanwhile, Citigold customers will be given access to 13 UOB Privilege Banking Centres across the country during this transition period. Those who are eligible for this benefit and would like to tap into it may arrange for an appointment with their existing Citigold relationship manager.

Aside from that, Citi also highlighted that clients’ Citi accounts will soon be recorded under UOB in their CCRIS report, following the completion of the transfer on 1 November. “Your account and transaction details in November will be reflected in your CCRIS report, indicatively from 15 December 2022,” it further said.

When the migration process commences at a later date – where clients’ cards and accounts are eventually migrated to UOB – will be given further notification ahead of time by key representatives of UOB. These representatives will then provide updates regarding any changes that are to be made to the products and services that you use, and will also guide you through the processes and steps that you need to take. In the meantime, however, those who would like to find out more about the transition process can refer to Citi’s FAQ here, which will be regularly updated with the latest information.

In April 2021, Citi announced its exit from retail banking in a total of 13 markets across two regions – Asia, as well as Europe, the Middle East, and Africa (EMEA) – as part of its strategy to streamline its global business. It eventually agreed to sell its business in Malaysia to UOB in January 2022, along with those in Indonesia, Thailand, and Vietnam. Following that, Bank Negara Malaysia (BNM) provided regulatory approval for the acquisition in September 2022.

(Source: UOB)

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