Aboitiz-led UnionBank of the Philippines said it completed Monday, Aug. 1, its P45.3 billion acquisition of Citi Philippines consumer banking business in the country.
“We are now a much larger consumer bank. We added a consumer portfolio that is well-run and very profitable. This will provide us better margins and allow us to maintain our industry-leading ROE moving forward,” said Bautista.UnionBank absorbed Citi’s 1,540 employees. Bautista has said earlier that with the Citi consumer portfolio, they will become one of the three biggest credit cards issuers in the Philippines.
The bank stated that the total cash consideration is based on the net assets of Citi’s consumer banking business plus a premium of P45.3 billion. Based on the closing statement as of June 30, 2022, the net asset value of the business was at P26.7 billion, according to UnionBank.
I like the Aboitiz group because they don't stick their noses in politics. If at all, low key lang. Unlike the media big wigs na garapal for being partisan
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