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

December 23, 2021By 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;))

This article originally appeared on reuters.com

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