Citibank credit cards

[olijayp]

Hi- does anyone know what will happen to existing Citibank credit card customers when they exit the Thai market? Will accounts simply be transferred over to whoever the buying corporation is? 

[CANSIAM]

I would like to know more as well. I called Citibank 2 weeks ago, I'm told everything will be transferred over, this could be 2 years away yet, they don't know who is taking over.  Singapore has Citibank, I may move some money there possibly...... can be done all online I believe. 

[Etaoin Shrdlu]

Citibank's exit could consist of a couple of transactions. The bank itself is a branch of Citibank N.A., which to me indicates that the entity itself can't be sold. The accounts could, however, be transferred to a new owner. The credit card portion of Citibank's operation is perhaps the most significant and I doubt a buyer would make huge changes in a short span of time, but at this time it is not possible to say.

 

I understand that Citibank has local subsidiaries for their leasing and brokerage operations. I suppose these could be sold separately if that made commercial sense.

[Wiggy]

I had a credit card with HSBC when they pulled out and it was transferred to Krung Sri (formerly Bank of Ayutthaya). Everything remained the same including the card number, just a different name on the card. 

[Dirk Z]

I read a rumour somewhere that SCB will take over the business. But don't worry, some bank will.

[unblocktheplanet]

As an old retired guy, Citibank was not interested in me. I was only interested in their card because it's the only one Makro takes.

[Etaoin Shrdlu]

4 hours ago, Dick Z said:

I read a rumour somewhere that SCB will take over the business. But don't worry, some bank will.

This past week I attempted to transfer money from my Citibank account to my account at SCB, something I had done as recently as last month without a hitch. The transaction did not go through and the Citibank website provided an error message. I called the Citibank call center and was advised that because the sender's name and recipient's name was the same, the transfer could not be processed and that this is an issue only with SCB. I was further advised that if I attempted the transfer ten times within the next week, Citibank would fix the issue for me but it would take about a month. I'm not sure, but this could be evidence that a transfer to SCB is underway.