Aboitiz-led Union Bank of the Philippines’ planned acquisition of American banking giant Citigroup Inc.’s consumer banking business in the country has secured the go signal from the Philippine Competition Commission .
In its decision, the PCC said that it found the proposed acquisition did “not result in substantial lessening of competition in each of the segments of the consumer banking markets. This is due to substantial competitive constraints exerted by other banking institutions nationwide.”with various subsidiaries of Citigroup Inc. to acquire the American lender’s consumer banking business in the Philippines.
UnionBank will also acquire Citi’s real estate interests, such as the Citibank Square in Eastwood, three full-service bank branches, five wealth centers, and two bank branch lites.