BSP approves UnionBank acquisition of Citi consumer business in PH | ABS-CBN
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BSP approves UnionBank acquisition of Citi consumer business in PH
BSP approves UnionBank acquisition of Citi consumer business in PH
ABS-CBN News
Published Jul 20, 2022 09:06 AM PHT
MANILA - The Bangko Sentral ng Pilipinas has approved UnionBank's acquisition of Citigroup's consumer business in the Philippines, the bank said Wednesday.
MANILA - The Bangko Sentral ng Pilipinas has approved UnionBank's acquisition of Citigroup's consumer business in the Philippines, the bank said Wednesday.
In a disclosure to the stock exchange, UnionBank said it has received the notice from the BSP dated July 18.
In a disclosure to the stock exchange, UnionBank said it has received the notice from the BSP dated July 18.
"Please be informed that Union Bank of the Philippines (UnionBank) received late today the notice from the Bangko Sentral ng Pilipinas dated 18 July 2022 approving the acquisition by UnionBank of Citigroup's consumer business in the Philippines," the statement said.
"Please be informed that Union Bank of the Philippines (UnionBank) received late today the notice from the Bangko Sentral ng Pilipinas dated 18 July 2022 approving the acquisition by UnionBank of Citigroup's consumer business in the Philippines," the statement said.
The BSP has cleared the acquisition which is composed of selected consumer assets and liabilities, real estate properties and interests of Citi Square Building Corp and 100 percent of the capital stock in Citicorp Financial Services and Insurance Brokerage Philippines Inc.
The BSP has cleared the acquisition which is composed of selected consumer assets and liabilities, real estate properties and interests of Citi Square Building Corp and 100 percent of the capital stock in Citicorp Financial Services and Insurance Brokerage Philippines Inc.
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Citigroup last year said it would exit 13 international consumer banking business markets to focus on wealth management.
Citigroup last year said it would exit 13 international consumer banking business markets to focus on wealth management.
The Aboitiz-led lender announced the acquisition in December 2021.
The Aboitiz-led lender announced the acquisition in December 2021.
Meanwhile, the Philippine Competition Commission had also approved the deal since it would not cause substantial lessening of competition in the consumer banking market.
Meanwhile, the Philippine Competition Commission had also approved the deal since it would not cause substantial lessening of competition in the consumer banking market.
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