Page 9 - Peter Babej News Today

The transaction with Citi is expected to close in the second half of 2022 and will be funded mainly by a stock rights offering

(Bloomberg) -- Union Bank of the Philippines will buy Citigroup Inc.’s consumer banking assets in the Southeast Asian country for a cash consideration plus a premium of 45.3 billion pesos ($904 million). The deal covers the U.S.

Aboitiz-owned Union Bank of the Philippines (UnionBank) announced Thursday, Dec. 23, that it has signed a P55 billion agreement to acquire US-based Citi’s consumer banking in the Philippines. UnionBank will pay Citi cash consideration for the net assets of the acquired businesses subject to customa

Citi is divesting its business in the Philippines as the lender announced that it is selling its banking franchise in the country to UnionBank.

Union Bank of the Philippines is to buy Citigroup Inc’s consumer banking assets in the Southeast Asian country for a cash consideration plus a premium of 45.3 billion pesos (US$905 million). The deal covers the US firm’s local credit card, unsecured lending, deposit and investment businesses, as well as Citicorp Financial Services and Insurance Brokerage Philippines Inc, Citigroup and the Philippine lender said in separate statements yesterday. About 1,750 employees are expected to transfer ...

Press release content from Business Wire. The AP news staff was not involved in its creation.

The buyer, Union Bank of the Philippines, will pay about $904 million for Citi's local credit card, unsecured lending, deposit, brokerage and investment businesses.

Union Bank of the Philippines is shelling out around P55 billion for the acquisition of the consumer banking business of global banking giant Citi in the Philippines.

The third Youth Co:Lab Regional Summit was the culmination of the social entrepreneurship movement co-led by the UNDP and the Citi Foundation.

With India continuing to reel under the second wave of COVID-19 infections, multinational financiers pitched in with relief efforts on Wednesday, led by a Rs 200 crore commitment by Citibank. The relief efforts of the financial sector multinationals -- a majority of whom depend on Indian personnel to handle back-office work for their global operations -- were focused on providing immediate medical relief to ease the pressure on oxygen availability and healthcare infrastructure. Other financi...