UnionBank acquires Citi’s retail unit.

UnionBank Acquires Citi’s Retail Unit: A Game-Changing Move in the Philippine Banking Industry

In a bold and strategic move, UnionBank of the Philippines has acquired Citibank’s retail unit in the country. This acquisition is a game-changer in the Philippine banking industry, as it strengthens UnionBank’s position as a leading digital bank and expands its customer base.

The acquisition includes Citibank’s credit card portfolio, personal loans, and retail deposits. This move is expected to increase UnionBank’s total assets by 15%, making it the sixth-largest bank in the country. It also adds 1.2 million new customers to UnionBank’s existing 9 million customer base.

UnionBank’s CEO, Edwin Bautista, said that the acquisition is part of the bank’s long-term strategy to become a dominant player in the digital banking space. He added that the acquisition will enable UnionBank to offer a wider range of products and services to its customers, including credit cards, personal loans, and other retail banking products.

The acquisition also aligns with UnionBank’s vision of becoming a fully digital bank. UnionBank has been investing heavily in digital technology, including artificial intelligence, blockchain, and cloud computing. The bank has also launched several digital initiatives, such as the UnionBank Online app, which allows customers to open accounts, apply for loans, and perform other banking transactions online.

The acquisition of Citibank’s retail unit is a significant milestone for UnionBank, as it strengthens the bank’s position in the highly competitive Philippine banking industry. It also demonstrates UnionBank’s commitment to innovation and digital transformation, which are critical factors in the banking industry’s future success.

The acquisition is also a win for Citibank, as it allows the bank to focus on its core business in the Philippines, which is corporate and investment banking. Citibank’s CEO for Asia Pacific, Peter Babej, said that the sale of the retail unit is part of Citibank’s global strategy to focus on its core businesses and simplify its operations.

In conclusion, UnionBank’s acquisition of Citibank’s retail unit is a game-changing move in the Philippine banking industry. It strengthens UnionBank’s position as a leading digital bank and expands its customer base. It also aligns with UnionBank’s vision of becoming a fully digital bank and demonstrates the bank’s commitment to innovation and digital transformation. This acquisition is a win-win for both UnionBank and Citibank and is expected to have a positive impact on the Philippine banking industry as a whole.