UnionBank of the Philippines has announced it has approved the acquisition of Citibank, N/A, Philippines Branch. Based on a report filed to the SEC, the Board of Directors of UnionBank of the Philippines, at its special meeting on December 23, 2021, has approved the acquisition of Citibank, N.A, Philippines Branch. To fund the acquisition, the Board approved the raising of additional capital of up to PHP 40 billion through the issuance of additional shares from UnionBank's unissued authorized capital stock via a stock rights offering ("SRO") to all existing shareholders. The proceeds of the SRO will be utilized for the acquisition of Citigroup’s consumer banking business in the Philippines. According to Inquirer.net, the transaction includes Citibank's credit card, personal loans, wealth management, and retail deposit businesses, as well as its real estate in Citibank Square in Eastwood, three full-service bank branches, five wealth centers, and two bank branch lites. Read more in our articles including "UnionBank approves acquisition of Citibank PH branch" and "BIR opens Tax Payer Portal".
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Apr 2, 2026UnionBank of the Philippines has announced it has approved the acquisition of Citibank, N/A, Philippines Branch. Based on a report filed to the SEC, the Board of Directors of UnionBank of the Philippines, at its special meeting on December 23, 2021, has approved the acquisition of Citibank, N.A, Philippines Branch.
To fund the acquisition, the Board approved the raising of additional capital of up to PHP 40 billion through the issuance of additional shares from UnionBank's unissued authorized capital stock via a stock rights offering ("SRO") to all existing shareholders. The proceeds of the SRO will be utilized for the acquisition of Citigroup’s consumer banking business in the Philippines. According to Inquirer.net, the transaction includes Citibank's credit card, personal loans, wealth management, and retail deposit businesses, as well as its real estate in Citibank Square in Eastwood, three full-service bank branches, five wealth centers, and two bank branch lites.
Our coverage of citibank ph acquisition includes: "UnionBank approves acquisition of Citibank PH branch"; "BIR opens Tax Payer Portal"; "DTI retracts plan to require permit when running online ads and promos". Each article provides unique insights and information.