UnionBank of the Philippines announced today that it has completed the acquisition of Citi’s consumer banking business in the Philippines.
Ana A. Delgado, Chief Customer Experience Officer and Chief Digital Channel Officer, said, ”This acquisition accelerates our goal of becoming a great consumer bank in the Philippines with one of the most diversified consumer banking portfolios among the listed banks today. With the acquisition of the Citi consumer business, we are now strong across three consumer businesses, namely: credit cards, salary / personal loans and mortgage loans”
Edwin R. Bautista, President and Chief Executive Officer of UnionBank, highlighted that, “I cannot over emphasize how this is a game changer for UnionBank, its customers and its employees. We are now a much larger consumer bank. We added a consumer portfolio that is well-run and very profitable. This will provide us better margins and allow us to maintain our industry-leading ROE moving forward. Over 1,500 top talents from Citi, including its Senior Management Team, will be joining UnionBank. This further deepens our leadership bench. I am confident that, together, we will be able to bring the best customer experience and serve many more market segments and communities through innovation and collaboration”
Ms. Delgado added, “The synergies across both organizations will allow us to unlock tremendous value by enriching our customer proposition and elevating customer engagement. As we work to bring new and exciting products and services to our customers, we are committed to ensuring that the same level of experience will continue for the 1 million customers that are moving to UnionBank. To deliver on this commitment, we have set-up a dedicated integration team and are working closely with Citi to ensure a smooth transition.”
Union Bank of the Philippines (UnionBank) has always been among the first to embrace technological innovations to empower its customers. It embraces the future of banking and is committed to be the Philippines’ leading digitally-transformed bank to best serve the growing needs of Filipinos everywhere.
It has consistently been recognized as of one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency.
Over the years, UnionBank has garnered a record-breaking number of awards and recognition including: "Asia Trailblazer Institution of the Year" from Retail Banker International; “Best Digital Bank in Southeast Asia 2022” from Capital Finance International; "Best Bank Transformation in South East Asia 2021" from Global Banking and Finance; "Best Bank for Customer Experience in South East Asia 2021" from Global Brands Magazine; 5-Time "Digital Bank of the Year (2018-2021)" from The Asset Triple A; "Most Recommended Retail Bank in Asia Pacific 2021" from BankQuality.com; "Fastest Growing Fintech Company, South East Asia 2021" for UBX from Global Banking and Finance; back-to-back "Best Bank for SMEs" (2020-2021) from Asiamoney; "SME Bank of the Year - Philippines 2021" from Asian Banking and Finance; “Asia’s Best Bank Transformation” from Euromoney; "Asia-Pacific Retail Bank of the Year" from Retail Banker International; "Top 2 Most Helpful Banks in Asia Pacific during COVID-19" from BankQuality.com; "Asia Pacific Digital Trailblazer" for UnionBank and "DX CEO Asia Pacific" for President and CEO Edwin R. Bautista from IDC Asia Pacific DX Awards; "Best Digital Community Impact Initiative, South East Asia 2020" for UBX from CFI.co; "Fastest Growing Fintech Company, South East Asia 2020" for UBX from Global Brands Magazine; "2020 Digital Banker of the Year in Asia-Pacific" for President and CEO from The Asset; three-time "Best Digital Bank Philippines" from Asiamoney and International Finance Magazine; back-to-back Digital Transformer of the Year Philippines" from IDC DX Awards Philippines; "Best Retail Bank Philippines 2020" from Global Banking and Finance, The Asian Banker and The Digital Banker; "Domestic Retail Bank of the Year Philippines" from Asian Banking & Finance; back-to-back "Best Digital Bank Philippines" & "Most Innovative Cash Management Services Bank Philippines" from Global Banking and Finance; "#1 Best Service Domestic Bank in the Philippines" at the 2020 Asiamoney Cash Management Survey; and "Employer of the Year" awards from Stevie Awards for Great Employers, Asian Banking and Finance, and HR Asia.
UnionBank stands firm in its promise to power the future of banking through "Tech-Up Pilipinas" to best serve the growing needs of Filipinos everywhere, while pioneering innovations for a better world.
UnionBank is the 7th largest publicly-listed bank in the Philippines and is widely recognized as the leading digitally transformed and most innovative bank in the industry. With the Citi consumer portfolio, UnionBank will become part of the top 3 credit cards issuers in terms of usage and spends.
The transaction will be effected via (i) an asset and liability transfer of the consumer banking activities of Citibank, N.A., Philippines Branch, (ii) the sale of the shares in Citicorp Financial Services and Insurance Brokerage Philippines, Inc., and (iii) and the sale of the real estate shares in Citibank Square building in Eastwood, Quezon City.
The total cash consideration is based on the net assets of the Citi Philippines consumer banking business plus a premium of Php 45.3 billion. Based on the closing statement as of 30 June 2022, the net asset value of the business was at Php 26.71 billion.
Union Bank of the Philippines (UnionBank) has always been among the first to embrace technological innovations to empower its customers. It embraces the future of banking and is committed to be the Philippines’ leading digitally-transformed bank to best serve the growing needs of Filipinos everywhere.
It has consistently been recognized as of one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency.
Over the years, UnionBank has garnered a record-breaking number of awards and recognition including: "Asia Trailblazer Institution of the Year" from Retail Banker International; “Best Digital Bank in Southeast Asia 2022” from Capital Finance International; "Best Bank Transformation in South East Asia 2021" from Global Banking and Finance; "Best Bank for Customer Experience in South East Asia 2021" from Global Brands Magazine; 5-Time "Digital Bank of the Year (2018-2021)" from The Asset Triple A; "Most Recommended Retail Bank in Asia Pacific 2021" from BankQuality.com; "Fastest Growing Fintech Company, South East Asia 2021" for UBX from Global Banking and Finance; back-to-back "Best Bank for SMEs" (2020-2021) from Asiamoney; "SME Bank of the Year - Philippines 2021" from Asian Banking and Finance; “Asia’s Best Bank Transformation” from Euromoney; "Asia-Pacific Retail Bank of the Year" from Retail Banker International; "Top 2 Most Helpful Banks in Asia Pacific during COVID-19" from BankQuality.com; "Asia Pacific Digital Trailblazer" for UnionBank and "DX CEO Asia Pacific" for President and CEO Edwin R. Bautista from IDC Asia Pacific DX Awards; "Best Digital Community Impact Initiative, South East Asia 2020" for UBX from CFI.co; "Fastest Growing Fintech Company, South East Asia 2020" for UBX from Global Brands Magazine; "2020 Digital Banker of the Year in Asia-Pacific" for President and CEO from The Asset; three-time "Best Digital Bank Philippines" from Asiamoney and International Finance Magazine; back-to-back Digital Transformer of the Year Philippines" from IDC DX Awards Philippines; "Best Retail Bank Philippines 2020" from Global Banking and Finance, The Asian Banker and The Digital Banker; "Domestic Retail Bank of the Year Philippines" from Asian Banking & Finance; back-to-back "Best Digital Bank Philippines" & "Most Innovative Cash Management Services Bank Philippines" from Global Banking and Finance; "#1 Best Service Domestic Bank in the Philippines" at the 2020 Asiamoney Cash Management Survey; and "Employer of the Year" awards from Stevie Awards for Great Employers, Asian Banking and Finance, and HR Asia.
UnionBank stands firm in its promise to power the future of banking through "Tech-Up Pilipinas" to best serve the growing needs of Filipinos everywhere, while pioneering innovations for a better world.
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