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”
