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Business deals

UnionBank to buy Citigroup's Philippine consumer banking business

Nation's 10th-largest lender targets high-end market for expansion

The deal aims to power UnionBank's expansion into digital banking to compete with bigger rivals. (Source photos by Reuters and UnionBank website)

MANILA -- UnionBank of the Philippines said on Thursday it will buy Citigroup's consumer banking business in the country for at least 45.3 billion pesos ($908 million).

The nation's 10th-largest lender in terms of assets said it will pay that premium on top of cash consideration for the net assets of Citi's Philippine consumer operations, subject to adjustments at closing.

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