UBP, deemed the dark horse in the race, confirmed to the Philippine Stock Exchange on Thursday it was in discussions with Citi, which is bowing out of the local consumer and retail banking businesses as part of its global downsizing program. Reports earlier said the digital-savvy bank was the “preferred bidder” for Citi’s assets, which have an estimated value of $1 billion.
“Accordingly, there can be no assurance that the transaction will be completed at this stage,” it added.
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Grab shares rise in US debut after record $40B SPAC mergerShares of Grab rose 18 percent in their US market debut on Thursday, after Southeast Asia's biggest ride-hailing and delivery firm inked a record $40 billion merger with a blank-check company.
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