Citi completes sale of Philippine consumer business to UnionBank

The sale includes the transfer of 1,540 staff to the Philippine bank.

Citi has successfully completed the sale of its consumer business in the Philippines to UnionBank, which is expected to result in a capital benefit of approximately $700m.

The sale covers Citi’s local credit card, unsecured lending, deposit and investment businesses. It also includes Citicorp Financial Services and Insurance Brokerage Philippines Inc. (CFSI), an insurance and investment product service provider.

Citi has also transferred 1,540 consumer bank and supporting employees under UnionBank.

The sale is part of Citibank’s earlier announced divestment of its consumer businesses in fourteen markets across Asia, Europe, Middle East, and Mexico. To date, Citi has signed deals for the sale of businesses in nine markets.