The parties plan to finalize the deal in the second half of 2022.
The retail business of financial firm Citigroup in the Philippines will be under the control of the local division of Union Bank. Information about this appears in a press release.
- Union Bank will acquire Citigroup Philippines retail business for $904 million.
- The parties plan to finalize the deal in the second half of 2022.
- As part of the agreement, more than 1,700 Citigroup employees will move to the Union Bank division in the Philippines. Also, the deal, according to the press release, affects credit cards, unsecured loans to financial institutions, deposits, investment businesses and a number of services, including the insurance division.
- The shares of Union Bank’s subsidiary in Finland reacted negatively to the news.
- Citigroup previously closed its retail business in 13 countries. Changes in the operating model of financial companies, among other things, have affected the Russian Federation. Recently, information appeared on the network that the retail business of the Russian subsidiary of Citigroup may be under the control of Raiffeisenbank.
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Recall that at the end of November 2021, information appeared in the media that Citigroup would hire 100 specialists to work with digital assets.