Unionbank's takeover of 55 billion assets that Citibank gained!

Metro Manila (CNN Philippines, July 20) — UnionBank of the Philippines has secured the approval of the Bangko Sentral ng Pilipinas for its acquisition of Citi’s consumer banking business in the country.
In a stock exchange disclosure on Wednesday, the Aboitiz-led bank said it received the notice from the BSP dated July 18 allowing the ₱55-billion takeover of the American banking giant’s domestic consumer banking operations.
The deal is “composed of selected consumer assets and liabilities, real estate properties and interests of Citi Square Building Corporation, and 100% of the capital stock in Citicorp Financial Services and Insurance Brokerage, Philippines, Inc.,” said UnionBank.
This comes three months after the Philippine Competition Commission approved the acquisition.
UnionBank first announced the takeover last December. In April that same year, Citi confirmed its consumer banking exit from the Philippines.


Good to know.