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Unionbank acquires Citi’s PH consumer banking.
Unionbank Acquires Citi’s PH Consumer Banking: A Game-Changing Move in the Philippine Banking Industry
In a bold and strategic move, Unionbank of the Philippines has acquired the consumer banking business of Citibank Philippines, marking a significant milestone in the country’s banking industry. The acquisition, which was announced in September 2020, has been completed in March 2021, and is expected to strengthen Unionbank’s position as a leading digital bank in the Philippines.
The acquisition includes Citibank’s credit card portfolio, retail banking business, and wealth management services, which will be integrated into Unionbank’s existing operations. This move is expected to expand Unionbank’s customer base, increase its market share, and enhance its digital capabilities, as it aims to become the country’s top digital bank.
Unionbank’s CEO and President, Edwin Bautista, said that the acquisition is a game-changing move for the bank, as it will enable them to offer a wider range of products and services to their customers. He added that the acquisition is in line with the bank’s vision to become a “customer-centric, technology-driven bank that is committed to financial inclusion and sustainability.”
The acquisition is also expected to benefit Citibank’s customers, who will now have access to Unionbank’s digital banking platform, which has been recognized as one of the best in the world. Unionbank’s digital banking platform has won several awards, including the Best Digital Bank in the Philippines by Asiamoney and the Best Digital Bank in Southeast Asia by The Asset.
The acquisition is a win-win situation for both Unionbank and Citibank, as it allows them to focus on their respective strengths. Unionbank is known for its digital banking capabilities, while Citibank has a strong brand and reputation in the Philippines. The acquisition will enable Unionbank to leverage Citibank’s brand and reputation, while Citibank can focus on its institutional banking business in the country.
The acquisition is also expected to have a positive impact on the Philippine banking industry, as it will increase competition and innovation. With Unionbank’s digital capabilities and Citibank’s brand and reputation, other banks in the country will be forced to step up their game and offer better products and services to their customers.
In conclusion, Unionbank’s acquisition of Citibank’s consumer banking business is a game-changing move in the Philippine banking industry. It is expected to strengthen Unionbank’s position as a leading digital bank in the country, expand its customer base, and enhance its digital capabilities. The acquisition is also expected to benefit Citibank’s customers, increase competition and innovation in the industry, and have a positive impact on the Philippine economy.