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May 27, 2024

With Citi’s consumer banking business, UnionBank wants to be “Great Retail Bank”

As it is about to close the acquisition of the consumer banking business of Citigroup Inc., Union Bank of the Philippines led by bankero Edwin Bautista ramps up its goal of becoming a “great retail bank.”

The Aboitiz-led bank edged out the country’s largest lenders in the bid to acquire Citi’s consumer banking segment in the Philippines late last year.

The listed bank aims to close the acquisition in the second half of the year after entering into a share and business transfer agreement with the subsidiaries of Citigroup last December.

“The acquisition will accelerate the bank’s objective of becoming a Great Retail Bank given Citi’s market leadership in the credit cards, personal loans, and wealth management business,” UnionBank said in its preliminary information statement.

The listed bank is shelling out P55 billion to acquire Citi’s retail banking including its credit card, personal loans, wealth management, and retail deposit businesses in the Philippines.

The deal also includes Citi real estate interests including the Citibank Square in Eastwood, three full-service bank branches, and five wealth centers.