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UnionBank acquiring Citi's PH consumer business for PHP 55 billion

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The Union Bank of the Philippines finalized a deal with popular American bank Citi to acquire the latter's PH consumer and retail banking assets.
UnionBank acquiring Citi's PH consumer business for PHP 55 billion
UnionBank and Citi logos

UnionBank gets Citi's consumer business in the PH for PHP 55 billion

UnionBank's statement on Facebook
UnionBank's statement on Facebook

The total consideration for Citi's consumer and retail banking assets is PHP 55 billion. UnionBank will pay cash consideration for the assets of Citi Philippines plus a premium of PHP 45.3 billion. The required equity value is around PHP 9.7 billion as of June 30, 2021.

This deal is expected to be completed by the second of 2022 given that it gets regulatory approvals. UnionBank's board also approved of a PHP 40 billion capital-raising program to fund the acquisition.

On UnionBank's FaceBook Page the bank stated:

We are going to take customer experience to the next level! UnionBank has reached an agreement with Citibank to acquire its consumer banking business in the Philippines. The game-changing move promises to build on our combined successes which will surely benefit both our customers and our teams.

What do you guys think?

UnionBank acquiring Citi's PH consumer business for PHP 55 billion

Source: UnionBank, Via: Inquirer

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