UOB - Frequently Asked Questions : Wealth Management

General

Can I continue to operate my Citi Investment Account?

Yes, you can continue to operate your Citi Investment Account as usual and there will be no change in your account number. Rest assured that you will be notified in advance prior to any changes being made.

I have a bond investment with Citi. Can I continue to hold my bond investment until maturity?

Yes, you can hold your Citi bond investment until maturity.

Will I continue to receive investment publications and market updates from Citi?

No, you will no longer be receiving investment publications and market updates from Citi but you can expect to receive investment publications and market updates from UOB.

For the list of funds currently distributed by Citi, can I continue to invest in these funds via Citi?

Currently, you can still invest in the list of funds distributed by Citi and rest assured that you will be notified in advance prior to any changes to the list of funds offered.

My company has Unit Trust investments with Citi. What will happen to my Citi corporate Unit Trust investment account?

Your Citi corporate Unit Trust investment account will still be maintained with Citi until further notice.

Should I transfer my investment holdings to UOB?

No, you do not need to transfer your investment holdings to UOB as this will be carried out automatically with prior notification to you.

I have an investment account with Citi. Do I need to redeem my Citi investment holding?

No, you do not need to redeem your Citi investment holding and you can maintain and operate your account as usual, until further notice.

I maintain investment accounts in both Citi and UOB. Will I be receiving separate statements/advices?

Yes, as there is currently no change, Citi and UOB will continue to send you your statements/advices separately.

What will happen to my regular investment plan for Unit Trust?

There is no immediate change and your regular investment plan will continue as usual with Citi. Rest assured that you will be notified in advance prior to any changes being made.

How will my investment in foreign currency limit under the Foreign Exchange Policy requirement be observed?

You can continue maintaining your accounts with both banks and your Foreign Exchange Administration (FEA) limit utilised in both Citi and UOB will be aggregated, as per the requirement of the Foreign Exchange Policy.

At UOB, how will my investment portfolio be managed & what is the advisory approach in wealth management?

We recognise the importance of having regular conversation with you, where conversations will include review of your investment portfolio to help you meet your financial goals. Our unique & proprietary Risk First Approach towards wealth management will ensure your wealth protection is prioritized followed by recommendations that will enhance your portfolio.

I have Unit Trust (UT) and/or Retail Bond (RB) Investment Account(s) at both UOB and Citi. Will my UT and/or RB holding(s) at respective banks be consolidated into my existing UT and/or RB Investment Account(s) at UOB after the migration date?

Your UT and/or RB holding(s) at Citi shall be migrated to the newly created UT and/or RB Investment Account(s) at UOB. Please refer to our letter to you on your new account(s) at UOB.

How do I check whether my investment(s) at Citi are correctly migrated to UOB (e.g. no. of Unit Trust (UT) and/or Retail Bond (RB) holding(s) held)?

Citi will issue a final customer banking statement(s) with UT and/or RB Investment Account(s) holding(s) details to you before your investment holding(s) are migrated to UOB. Post migration, UOB will issue a letter to you to confirm on the successful transfer and your investment holding(s) will no longer be able to view in Citibank Online and Citi Mobile® App after your investment holding(s) are migrated to UOB. You will also be receiving UOB statement(s) for your new UT and/or RB Investment Account(s) showing your Investment holding(s) month-end position post migration. You can make a comparison of your UT and/or RB holding(s) at UOB against your previous UT and/or RB holding(s) at Citi.

Are there any action(s) required from me for my Investment account(s) held at Citi prior to the migration?

No, you do not need to perform any action(s). Your investment holding(s) at Citi will be transferred to UOB automatically with prior notification to you.

Will there be any change(s) to my Unit Trust (UT) unit holdings when my UT portfolio is migrated to UOB?

Citi records UT unit holdings in terms of 4 decimal points whereas UOB follows industry standard of 2 decimal points. When your UT unit holdings are migrated to UOB, we will be rounding up your UT unit holdings to 2 decimal points. As a result of this rounding exercise, the average cost and profit/loss calculation of your UT portfolio at UOB might be slightly different from that at Citi.

How do I know if my Investment Account(s) at Citi will be migrated to UOB?

Your Investment Account(s) will be migrated to UOB so long it is not a closed account or an account with blank transaction history (i.e. no transactions performed since the account was opened).

My Citi Unit Trust (UT) Investment Account is currently holding both UT cash investment(s) and EPF investment(s). How would these UT holdings be migrated to UOB?

Your UT holdings will be transferred to two newly created UT Investment Accounts at UOB; one for UT cash investment(s) and another for EPF investment(s). Please refer to our letter to you on your new accounts at UOB.

I have one (1)/at least one (1) regular savings plan with Citi. Will it be continued after my UT portfolio is migrated to UOB?

Your regular savings plan (RSP) will be migrated to UOB and will continue until the maturity of your RSP or you instruct UOB to cease your RSP (whichever is earlier).

After my Investment Account(s) are migrated to UOB, how will my investment portfolio be managed & what is the advisory approach in wealth management?

UOB recognises the importance of having regular conversation with you, where conversations will include review of your investment portfolio to help you meet your financial goals. UOB's unique & proprietary Risk First Approach towards wealth management will ensure your wealth protection is prioritized followed by recommendations that will enhance your portfolio.

Does UOB offer 2 types of dividend instructions (cash dividend and reinvestment dividend) for my selection for each of the Unit Trust (UT) distributed by UOB?

Only one (1) dividend instruction (either cash dividend or reinvestment dividend) is offered for each UT distributed by UOB.

Rewards and Benefits

I participated in Citi's campaign (Citigold and Citi Priority Redefining Wealth Programme) recently to enjoy a Fixed Deposit promotional rate with investment. Will I continue to enjoy this benefit?

Yes, you will continue to enjoy this benefit until the maturity of the Fixed Deposit placed under this Campaign.

Will all the investment products that I have in Citi be migrated to UOB as is, or will there be changes in the features and benefits?

There is no immediate change to the features and benefits of your Citi investment products and rest assured that you will be notified in advance prior to any changes being made.

Can I participate in both Investment Campaigns in UOB and Citi at the same time and receive both Campaign rewards?

Yes, you can participate the investment campaigns in UOB and Citi concurrently and receive the respective rewards from the respective banks. Gifting of rewards are subject to prevailing terms and conditions by the respective Banks.

I participated in Investment - Time Deposit (TD) and/or Investment - Foreign Currency Time Deposit (FCTD) Promotions at Citi. Will there be any change(s) to the TD and/or FCTD promo rate(s) that I am currently entitled to or will the rate(s) be reverted to Fixed Deposit (FD) board rate(s) at UOB when my TD/FCTD placement(s) are migrated to UOB?

Note: TD/FCTD is referred as FD/FCTD at UOB.

If you participated in the July 2023 Investment-TD and/or Investment - FCTD Promotions at Citi and did not perform a UT cooling off transaction, there will be no changes on your TD/FCTD placements made under the Promotions post your TD/FCTD placement(s) are migrated to UOB (your TD/FCTD placement(s) will then be referred as FD/FCTD placement(s) at UOB).

Branch Banking and Services

Can I perform my investment transactions at former Citi branches?

Yes, you can continue to perform investment transactions at former Citi branches. Rest assured that you will be notified in advance prior to any changes being made.

Do I need to visit any UOB branch in person to create new investment accounts or will all my existing Citi investment accounts be migrated over automatically?

No, there is no need to visit a UOB branch for any new investment account creation. You are not required to sign any forms or documents for your existing Citibank accounts which will be automatically migrated to UOB, with prior notification to you.

Do I need to provide and sign a new W-8BEN form when my Retail Bond (RB) holding(s) are transferred to UOB?

If you are not a U.S. Person and continue to hold bond(s) issued by company(ies) that pay U.S. source fixed, determinable, annual or periodical (“FDAP") income, you are required to furnish a fresh W-8BEN Form to Citi at least 2 months prior to your RB holding(s) are transferred to UOB in order to be exempted from the withholding tax. If you do not hold and have no intention to hold such RB, then you do not need to furnish a fresh W-8BEN form to Citi.

Can I open a new Investment Account at Citi during the migration period?

To facilitate the migration activity, there will be a one (1) month blackout period for new Investment Account opening at Citi before migration date. Please visit any UOB branches for us to assist you in opening new Investment Account(s) during this period.

Can I perform my investment transaction(s) at Citi branches before the migration date?

In order to ensure a smooth transition of your investment as part of the Business Transfer, Investment trade operations have to be temporarily suspended on all channels per below schedule. Please do not place any instruction for investment transaction(s) including transfer of UT or RB via your existing Investment Account(s) at Citi.

Blackout Period for Unit Trust (UT) (both UT Cash Investment(s) and EPF Investment(s) Types):

Subscription, Redemption, Cooling off, Intra fund house's switching: 3 business days before and 2 business days after the migration date
Interbank Transfer, Inter fund house's switching & EPF Subscription: 1 month before and 2 business days after the migration date

*Any corporate action during the blackout period aforementioned will be processed 2 business days after the migration date.

Blackout Period for Retail Bond (RB):

Subscription, Redemption: 4 business days before and 1 business day after the migration date
External Transfer of Custodian: 1 month before and 1 business day after the migration date

*Any corporate action during the blackout period aforementioned will be processed after the migration date.

We will update you on the actual migration date in due course.

Note: UOB reserves the right to notify customers on any future changes to the investment trade suspension period (or “blackout period”). UOB will not be liable for any direct and/or indirect losses and damages, arising out of or in connection with the suspension of investment trading systems as aforesaid.

What will happen to my current risk profile post my Investment Account(s) migration to UOB? Do I need an active risk profiling to continue my subscriptions on investment(s) at UOB?

You are required to re-perform the risk profiling upon performing the first investment transaction post your Investment Account(s) migration to UOB.

Can I continue to enjoy FX Conversion via phone service offered by Citi at UOB after the migration date ?

Citi Retail FX Hotline will be available post migration date. You may reach out to your client advisor/relationship manager for the foreign currency conversion service. Alternatiely, you may visit UOB branch to perform the conversion between your currency accounts.

Digital Services

Can I continue to access Citibank Online and Citi Mobile banking services to view my investments?

Yes, you can continue to access Citibank Online and Citi Mobile services anytime, at your convenience. Rest assured that you will be notified in advance prior to any changes being made.

How do I check on my new/migrated Investment Account(s) at UOB?

Your Investment Account(s) will be ready for viewing via UOB TMRW app or UOB Personal Internet Banking, post migration.

Citigold and Citi Priority

As a Citigold customer, will I retain my Relationship Manager?

Yes, your Relationship Manager will continue to service you. Rest assured that we will give you prior notice if there are any changes to your Relationship Manager.

What will happen to my current Citigold status?

There will be no change to your Citigold status. Rest assured that we will give you prior notice of any changes to your Citigold status.

What will happen to my current Citi Priority status?

There will be no change to your Citi Priority status. Rest assured that we will give you prior notice of any changes to your Citi Priority status.

You can also reach us via the following UOB Contact Centres:

Kuala Lumpur +603-26128 121

Penang +604-2401 121

Johor Bahru +607-2881 121

Kuching +6082-287 121

Kota Kinabalu +6088-477 121

As a reminder, UOB will never direct you to a website asking for your personal banking details, including OTP or Card PIN.
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