The Bangko Sentral ng Pilipinas has greenlighted Union Bank of the Philippines’ $1 billion acquisition of Citigroup’s consumer banking business in the Philippines.
In a stock exchange filing, the Aboitiz family’s banking arm said it “received late today the notice from [BSP] dated 18 July 2022 approving UnionBank’s acquisition of Citigroup’s consumer business in the Philippines.”
The deal also includes select consumer assets and liabilities, real estate properties and interests of Citi Square Building Corp. and 100 percent of Citicorp Financial Services and Insurance Brokerage Philippines, which provides insurance and investment products and services to retail customers.
Citibank has three full service bank branches, five wealth centers and two bank lites.
Last April, the Philippine Competition Commission approved UnionBank’s planned takeover of the American bank’s consumer banking operations in the country.
UnionBank said the acquisition would help accelerate its credit card business and significantly expand its retail banking operations.
The transaction is expected to be completed this year.