PETALING JAYA: Citigroup Inc will surrender one of its Labuan banking licences as there is no requirement for the American banking group to maintain two licences in order to operate in the federal territory off the coast of Sabah.
In clarifying its notice that Citibank Malaysia (L) Ltd had intentions to surrender its Labuan banking licence, the group explained that its offshore financial services in Malaysia would now be operated under the recently opened Citibank NA, Labuan Branch.
