Citi completes sale of Philippines consumer banking unit to UnionBank

The transaction is the latest in Citi’s plans to divest from its consumer businesses in Asia and EMEA.

The bank forges ahead with its strategic divestiture from consumer banking in 14 markets.

In 2022, UOB agreed to acquire Citi’s Vietnam business as part of a larger deal that also includes Malaysia, Thailand and Indonesia. Meanwhile, the bank’s India consumer business will transfer to domestic lender, Axis Bank.

Vikas Arora is returning to the country with the German lender to replace Dino Siason.

UOB has agreed to acquire Citi’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.

At the start of this week, Citi and HSBC formalised an agreement that is set to close in the first half of 2024.