Citi has accomplished the sale of its client banking franchise within the Philippines to UnionBank, a deal that was first introduced in December 2021.
The transfer kinds a part of wider plans introduced in April 2021 to exit client banking in 14 markets throughout Asia and EMEA, retaining the enterprise division solely in Singapore, Hong Kong, London and the UAE.
The most recent announcement follows the sale of its Australia client enterprise to NAB in June, which marked the primary full divestment as a part of the financial institution’s technique change.
UnionBank thus acquires Citi’s native bank card, unsecured lending, deposit and funding companies,…
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