UnionBank of the Philippines has completed the acquisition of Citi’s consumer banking business in the Philippines.
The total cash consideration is based on the net assets of the Citi Philippines consumer banking business plus a premium of P45.3 billion. Based on the closing statement as of June 30, 2022, the net asset value of the business was at P26.7 billion.
Ana Delgado, chief customer experience officer and chief digital channel officer of UnionBank, said in a the acquisition accelerates the bank’s goal of becoming the greatest consumer bank in the Philippines with one of the most diversified consumer banking portfolios among the listed banks today.
“With the acquisition of the Citi consumer business, we are now strong across three consumer businesses, namely: credit cards, salary / personal loans and mortgage loans,” Delgado said.
Edwin Bautista, president and chief executive officer of UnionBank, said over 1,500 top talents from Citi, including its senior management team, will be joining UnionBank.
Bautista said UnionBank has set up a dedicated integration team and are working closely with Citi to ensure a smooth transition.
A million customers of Citi are moving to UnionBank.
