CP Garcia Commercial Space Leasing

Carlos Garcia

📌Thursday, Dec. 23, UnionBank said it will pay Citi cash consideration for the net assets of the acquired businesses subject to customary closing adjustments plus a premium of P45.3 billion or $908 million, and P9.7 billion equity for a total of P55 billion. 📌Citi said subject to the timing of regulatory approvals, completion is expected in the second half of 2022. 📌UnionBank, the seventh biggest bank here, said it has negotiated a “Share and Business Transfer Agreement” with Citigroup Inc. subsidiaries and the transaction includes Citi’s credit card, personal loans, wealth management, and retail deposit businesses. They will also buy Citi’s real estate assets such as Citibank Square in Eastwood, its three bank branches, two branch-lite units and five wealth centers. 📌UnionBank President and CEO, Edwin R. Bautista, for his part, said Citi’s local bank “has a great, profitable and well-run retail portfolio” with the third biggest credit card franchise and “a pre-eminent wealth management provider” 📌“We intend to learn from Citi’s expertise to enable UnionBank to effectively build on its success and take the business to the next level. As we embark on this journey, we are committed to retain all of Citi’s key talents and uphold the superior customer experience that Citi has delivered to its customers over the years,” said Bautista. Citi has 1,750 employees who will join UnionBank. CC: GlobalLinker | Citi | Josiah Go | UnionBank of the Philippines 📍Imagine what could further SMEs in the Philippines with the new powerhouse to be acquired -- technology, wealth management, clients to connect with existing SME / Franchise of UnionBank's clients. https://t.globallinker.com/yBLIb