Citigroup logo 23.12.21

Citigroup is selling its consumer banking business in the Philippines to UnionBank of the Philippines. The deal includes the credit card, unsecured lending and deposit business, as well as Citicorp Financial Services and Insurance Brokerage Philippines, which provides insurance and investment products to retail customers. UnionBank will pay Citi approximately $908 million. The deal is scheduled to close in the 2nd half of 2022.