Publicly-listed holding firm Aboitiz Equity Ventures Inc. (AEV), the parent company of the Union Bank of the Philippines (UBP) disclosed its banking and financial services subsidiary’s acquisition of Citigroup Inc.’s (Citi) consumer banking business in the Philippines. The transaction includes Citi’s credit card, personal loans, wealth management, retail deposit businesses as well as the Citibank Square building in Eastwood and all its branches.
The company said it has been looking forward to this transaction as it is immediately value accretive for UBP. UBP is acquiring a market leading consumer banking business which is not only profitable but also known for innovation and customer service.
“We are confident that this acquisition will be truly transformative for the Bank. Through it, UnionBank will become the fourth largest in the credit card business and a major player in the wealth management business. It is also expected to deliver significant revenue synergies and will come with a whole team of talented professionals from Citibank,” said Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz.
UBP is the second largest revenue contributor in the Aboitiz Group of Companies and is expected to continue growing its business as it continues to reap the benefits from its Digital Transformation Strategy.
