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Reuters
1 MIN READ
BRIEF-Citigroup To Sell Philippines Consumer Bank To Unionbank Of The Philippines
December 23, 2021
By Reuters
By Reuters
Dec 23 (Reuters) – Citigroup Inc C.N:
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TO SELL PHILIPPINES CONSUMER BANK TO UNIONBANK OF THE PHILIPPINES
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UNIONBANK WILL PAY CASH CONSIDERATION FOR NET ASSETS OF ACQUIRED BUSINESSES PLUS PREMIUM OF 45.3 BILLION PESOS, OR ABOUT $908 MILLION
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AGREEMENT COVERS ALL RELATED CITI STAFF; ABOUT 1,750 CONSUMER BANK AND SUPPORTING EMPLOYEES EXPECTED TO TRANSFER TO UNIONBANK UPON CLOSE
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UPON CLOSING, CITI EXPECTS THIS TRANSACTION TO RESULT IN THE RELEASE OF ABOUT $300 MILLION OF ALLOCATED TANGIBLE COMMON EQUITY
Further company coverage: C.N
This article originally appeared on reuters.com