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UnionBank to acquire Citigroup's Philippine consumer banking business

Thursday 23 December 2021 11:56 CET | News

Philippines-based UnionBank has announced it will buy Citigroup's consumer banking business in the country for at least USD 908 million.
The transaction includes Citi's credit card, personal loans, wealth management, and retail deposit businesses, as well as real estate interests. It is expected to be concluded in the second half of 2022.

The deal is a boost for UnionBank as it expands into digital banking to compete with bigger rivals.

The sale of Citi's Philippine businesses also drew interest from BDO Unibank, the country's largest lender, and Bank of the Philippine Islands, a unit of Ayala conglomerate.

The sale is part of Citi's exit in 13 markets as the US banking group winds down its retail banking business. 


Source: Link


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Keywords: acquisition, banks, digital banking
Categories: Banking & Fintech
Companies:
Countries: Philippines
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Banking & Fintech






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