- December 23, 2021
- Posted by: Stratford Team
- Category: Business
A pedestrian walks in front of Citibank’s office in the financial district of Makati suburban Manila … [+] on November 18, 2008.
AFP via Getty Images
UnionBank of the Philippines—which counts the Aboitiz family, one of the country’s richest clans, as its biggest shareholder—has agreed to acquire Citigroup’s consumer banking business in the Southeast Asia nation for a cash consideration plus premium of 45.3 billion pesos ($904 million).
“This acquisition further cements our position as a leading bank in the Philippines, as well as fast tracks our growth aspiration in the retail banking segment,” Erramon Isidro M. Aboitiz, chairman of UnionBank, said in a statement to the Philippine Stock Exchange. The transaction is expected to be completed in the second half of 2022, subject to regulatory approvals.
The deal includes Citigroup’s consumer banking operations in the Philippines comprising credit cards,…
