Aboitiz-led Union Bank of the Philippines is taking over the consumer banking business of American banking giant Citi after getting the go signal from the Bangko Sentral ng Pilipinas.
American banking giant Citi continues to strengthen its corporate banking business in the country with the expected completion of the sale of its retail-banking segment to Aboitiz-led Union Bank of the Philippines.
In a disclosure to the Philippine Stock Exchange, UnionBank said it received a notice from the BSP dated July 18, 2022 “approving the acquisition by UnionBank of Citigroup's consumer business in the Philippines, which acquisition is composed of selected consumer assets and liabilities, real estate properties and interests of Citi Square Building Corp., and 100% of the capital stock in Citicorp Financial Services and Insurance Brokerage Philippines Inc.”
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