#unionbank acquisition citi

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. It's been more than a year since UnionBank has taken over Citi PH. Now, UnionBank aims on letting go of Citi in early 2024. According to Bautista, there is an estimate of 1.5 million active UnionBank credit cards and users can continue to receive htheir credit or debit cards without the Citi name brand. Beyond the Box, an authorized Apple retailer, is holding a storewide sale exclusively for Citibank and UnionBank credit card holders. Read more in our articles including "UnionBank approves acquisition of Citibank PH branch" and "UnionBank to relinquish Citi brand in 2024".