News Formal

UnionBank shares sizzle as talks with Citi excite market

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 6 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 6%
  • Publisher: 86%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Shares of Aboitiz-led Union Bank of the Philippines rose by 6.42 percent on Thursday on prospects it would take over the Philippine consumer banking assets of American banking giant Citi.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: ABSCBNNews - 🏆 5. / 83 Read more »