2nd November 2022 - 4 min read
UOB Bank has released a timeline that charts the process of migrating Citi’s consumer banking products and services into its ecosystem, following the official transfer of Citi’s ownership of its consumer banking business to UOB yesterday. It highlights the key milestones and developments that affected customers can expect to see in the next 12 months, including the migration of banking accounts, as well as the issuance of new debit and credit cards.
Between today until September 2023, UOB will embark on the following schedule as it begins the transition period:
|Dates||Expected stage of transition|
|November 2022||– Official transfer of Citi’s consumer banking assets and liabilities to UOB. |
– Citigold, Citi Priority, and Citi customers with Citi investment holding(s) to have access to UOB’s latest market insights.
– Citigold customers to enjoy privileged access to UOB Privilege Banking Centres nationwide.
|January – April 2023||Citi home financing accountholders to receive new Islamic banking account details from UOB, and a closing statement from Citi in batches.|
|May 2023||Citi deposit, loan, and investment accountholders to receive new UOB account information.|
|July 2023||– To complete migration of Citi investment, loan, and deposit accounts – ready for clients’ use. |
– Citi deposit and loan accountholders to receive closing statements from Citi.
– Customers to download UOB Mighty app to register for online banking services. Citi debit and credit cardholders can register using their existing card number and PIN. Meanwhile, Citi deposit (without debit card), loan, and investment accountholders can register with their new UOB account information.
|August 2023||– To complete migration of Citigold and Citi Priority portfolios to UOB Privilege Banking and Wealth Banking. |
– Debit cardholders to receive their new UOB debit card(s).
|September 2023||Credit cardholders to receive their new UOB credit card(s).|
Aside from sharing the timeline, UOB also published an FAQ that addresses several key questions that customers may have, related to products and services such as credit cards, ATM withdrawals, and online banking. For instance, credit cardholders have once again been reassured that they can still continue to use both their UOB and Citi cards as usual; they will be given prior notice when their Citi card account is migrated to UOB.
The bank also highlighted that after the conversion of Citi credit cards to UOB credit cards, Citi customers who also hold UOB cards will have a combined credit limit of both cards. “For example, a customer who holds a Citi credit card with a RM10,000 limit and a UOB credit card with a RM10,000 limit will have a new credit card limit of RM20,000. This is only applicable to consumer credit cards,” the bank noted.
Additionally, Citi customers who use their ATM card to withdraw money at a UOB ATM (and vice versa) will still incur a MEPS charge of RM1. Existing fee waivers where applicable – such as the 4x MEPS fee waiver per month for Citigold/Citi Priority customers – will also continue to be provided as per current practice.
UOB further stressed that all changes will be carried out gradually in phases, with no immediate change to the way customers bank with Citi until the migration is complete. “At every point, we will provide clear communication to you about any changes to your products and services. It is our absolute ambition to complete this migration as seamless as possible,” the bank emphasised.
For context, Citi had announced its exit from retail banking in a total of 13 markets in April 2021, including Malaysia. After a period of bidding – which also saw interest from entities such as Hong Leong Bank and Standard Chartered Bank – Citi eventually decided to sell its consumer banking business in Malaysia, Indonesia, Thailand, and Vietnam to UOB in January 2022. Amounting to S$4.9 billion, this acquisition is noted to be the largest deal to have been carried out between two foreign banks in Malaysia in the past decade.
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