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UnionBank shares sizzle as talks with Citi excite market

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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.

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