Citi completes sale of Philippines consumer banking unit to UnionBank
Completion marks the bank’s second consumer business divestment, following its agreement with NAB in Australia.
UsenB
Completion marks the bank’s second consumer business divestment, following its agreement with NAB in Australia.
Citi branch in ManilaAugust 02, 2022
Citi has completed the sale of its consumer banking franchise in the Philippines to UnionBank, a deal that was first announced in December 2021.
The move forms part of wider plans announced in April 2021 to exit consumer banking in 14 markets across Asia and EMEA, retaining the business division only in Singapore, Hong Kong, London and the UAE.
The latest announcement follows the sale of its Australia consumer business to NAB in June, which marked the first full divestment as part of the bank’s strategy change.
UnionBank thus acquires Citi’s local credit card, unsecured lending, deposit and investment businesses,...
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