UnionBank says acquisition of Citicorp consumer arm to boost retail business


Posted at Jan 10 2022 11:58 AM

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MANILA - UnionBank’s acquisition of Citigroup’s consumer banking business in the Philippines sent its shares soaring as investors saw the deal as a “good fit” for the Aboitiz-led lender. 

UnionBank president Edwin Bautista told ANC that members of the bank’s board knew that the acquisition was going to be “great” for UnionBank. 

“We all realized that this was a once-ina-lifetime opportunity for many of us,” Bautista said. 

The deal, he said, would further strengthen UnionBank’s share in retail banking. 

“Retail has been our direction over the last few years,” Bautista said. 

UnionBank is also ready to welcome the pool of talent from Citigroup’s consumer banking arm, he said.