BRIEF-Citigroup To Sell Philippines Consumer Bank To Unionbank Of The Philippines

Dec 23 (Reuters) – Citigroup Inc C.N:

• TO SELL PHILIPPINES CONSUMER BANK TO UNIONBANK OF THE PHILIPPINES

• UNIONBANK WILL PAY CASH CONSIDERATION FOR NET ASSETS OF ACQUIRED BUSINESSES PLUS PREMIUM OF 45.3 BILLION PESOS, OR ABOUT $908 MILLION

• AGREEMENT COVERS ALL RELATED CITI STAFF; ABOUT 1,750 CONSUMER BANK AND SUPPORTING EMPLOYEES EXPECTED TO TRANSFER TO UNIONBANK UPON CLOSE

• 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

((Reuters.Briefs@thomsonreuters.com;))