Citigroup Inc. believes Union Bank of the Philippines (UBP) is the most ideal buyer of its credit card and other consumer business in the country.
“UnionBank is the right choice based on many factors, including its complementary product lines, advanced levels of data analytics, digitalization and an operating and customer-friendly culture similar to Citi,” said Citibank Philippines consumer business head Manoj Vorma in a letter to clients.
UBP chairman Erramon Aboitiz cited “cultural similarities between the two organizations.” Its president and CEO Edwin R. Bautista noted “clear synergistic opportunities” in UBP’s P55 billion purchase of Citi’s personal loans, wealth management, retail deposit businesses and real estate assets in the country.
This should not be a surprise considering that four members of UBP’s board are ex-Citibankers.
Bautista used to head Citibank’s transaction banking.
Bilyonaryo Justo A. Ortiz, who was UBP CEO from 1993 to 2017, was a managing partner for global finance and country executive for investment banking at Citibank N.A.
UBP executive vice president Ana Maria A. Delgado, who heads the bank’s digital channel and customer experience, was AVP for product management at Citibank N.A. from 2006 to 2008.
Nina Aguas, executive chairman of Insular Life (which owns 16 percent of UBP), had a long stint in Citigroup – managing director for corporate center compliance, New York; regional audit director in Asia-Pacific; and country business manager and head of sales and distribution in the Philippines.
