In May 1982, Kwong Lee Bank Berhad was acquired by the MUI Group, a corporate group controlled by Malaysian business tycoon Tan Sri Dato Khoo Kay Peng. Exiting shareholders include OCBC Bank (which acquired a stake in the bank in 1964) and members of the Lam family (relatives and descendants of the founder Lam Ji Chiew). Kwong Lee Bank Berhad was renamed "Malayan United Bank Berhad" on 2 February 1983. Subsequently, it was renamed "MUI Bank Bhd". Under the MUI banner, the bank grew from 11 branches (including Singapore) to 35 branches.