Union Bank says 'no definitive' deal with Citigroup yet

ABS-CBN News

Posted at Dec 03 2021 02:14 PM

People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. Robert Galbraith, Reuters/File Photo
People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. Robert Galbraith, Reuters/File Photo


MANILA - There is no definitive deal yet, Union Bank of the Philippines said Friday, pertaining to its reported interest in acquiring Citigroup's consumer and retail banking business in the country. 

In April, Citigroup said it would exit from 13 markets, including the Philippines, to focus on its management and institutional businesses.

"The Bank is still in discussions with Citigroup Inc and no definitive agreement has been signed. Further disclosures will be made when warranted," the Aboitiz-led bank told the stock exchange.

On Thursday, the bank confirmed it was in discussion with Citigroup. The talks, however, are still in the preliminary stage. 

The Bangko Sentral ng Pilipinas said it was closely monitoring the development to ensure a smooth transition. 

Citi Philippines, meanwhile, assured its clients that there would be no immediate change in the retail business in the country.

 RELATED VIDEO:

Watch more on iWantTFC