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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 to the new owner, they said. The transaction is expected to conclude in the second half of next year...