Citi to sell Philippines consumer arm to UnionBank

The move is part of the bank’s wider repositioning strategy as it shifts its focus to other offerings, including trade and treasury services (TTS).

By Sara Velezmoro

Jan 5, 2022

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Citi has agreed to sell its consumer banking unit in the Philippines to UnionBank, the group announced in a press release in December. The sale is part of Citi's plans to exit its consumer franchise in 13 markets across Asia as well as Europe, the Middle East and Africa (EMEA), which it announced in April 2021.

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