Not yet in the bag: Aboitiz family confirms Union Bank in talks with Citibank for PH assets
Business

Not yet in the bag: Aboitiz family confirms Union Bank in talks with Citibank for PH assets

The Aboitiz-controlled Union Bank of the Philippines (UBP) rocketed to a new all-time high as it confirmed it was in the early stages of negotiation with Citigroup Inc. for the acquisition of the latter’s consumer banking business in the Philippines.

Citbank picks Aboitiz-owned Union Bank as ‘preferred buyer’ – report

UBP jumped 6.42 percent to P111 with P43.7 million in turnover, a day after Bloomberg reported that it was the “preferred buyer” of Citigroup’s local assets.

Citigroup on sale of PH assets: ‘We’re going to choose the buyer that makes the best sense to take our business forward’

But UBP, the 10th largest bank in the country based on assets, cautioned that taking over Citi’s retail services, under Citibank, was not a sure thing.

“The discussions between the bank and Citi are at a preliminary stage, and any transaction in relation to the foregoing subject to, among other things, the completion of satisfactory due diligence, the negotiation and execution of definitive transaction documents, satisfaction of the conditions contained therein and the approval by the regulators of the transaction,” said UBP SVP and general counsel Joselito Banaag.

$1B bidding war: Sy-blings, Ty-blings, Ayalas, Aboitizes to make offers for Citigroup’s Philippine assets – report

“There can be no assurances that the transaction will be completed at this stage,” he added.

 

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