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Citi global consumer bank2/1/2024 ![]() ![]() Peter Babej, Citi Asia Pacific CEO, said: "This transaction represents a positive outcome for our clients, our colleagues and our firm. As previously announced, Citi’s exit from its consumer franchises in 13 markets across Asia and EMEA is expected to release approximately $7 billion of allocated tangible common equity over time. Upon closing, Citi expects this transaction to result in the release of approximately $300 million of allocated tangible common equity, as well as an increase to tangible common equity of approximately $500 million. UnionBank will pay Citi cash consideration for the net assets of the acquired businesses (subject to customary closing adjustments) plus a premium of PHP45.3 billion (approximately US$908 million). ![]() The agreement covers all related Citi staff, with approximately 1,750 consumer bank and supporting employees expected to transfer to UnionBank upon close of the transaction. (CFSI), which provides insurance and investment products and services to retail customers. The transaction covers Citi’s local credit card, unsecured lending, deposit and investment businesses, as well as Citicorp Financial Services and Insurance Brokerage Philippines Inc. ![]() Manila Citi today announced it has reached agreement with UnionBank of the Philippines (hereafter “UnionBank”) on the acquisition of Citi’s consumer banking franchise in the Philippines. ![]()
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