Citigroup to sell Philippine assets‘RENEWED STRATEGY’: The deal covers the company’s credit card, unsecured lending, investment and deposit businesses, said the buyer, Union Bank of the PhilippinesBloombergUnion 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. The sale of the Philippine assets had drawn bids from other financial institutions, including BDO Unibank, Metropolitan Bank & Trust Co and Bank of the Philippine Islands, Bloomberg reported in October. Union Bank was selected following an extensive and competitive auction process, Citigroup said. Union Bank would raise additional capital of as much as 40 billion pesos through a rights offering to help fund the acquisition, it said.

Source: Taipei Times December 23, 2021 23:26 UTC