Union Bank Chosen as Citi’s Preferred Philippines Bidder

Citigroup has reportedly selected the Union Bank of Philippines as its preferred bidder for its consumer banking assets in the country.

Citi has chosen Union Bank as its preferred bidder for a potential sale valued at an estimated $1 billion, according to a report citing unnamed sources.

Talks are still ongoing and no conclusive decisions have been made with other bidders still interested.

Other reportedly interested bidders for the Philippines consumer banking assets include BDO Unibank, Metropolitan Bank & Trust Co. and Bank of the Philippines Island.

The sale is part of Citi’s broader plan to exit from 13 markets where it lacks scale and focus its wealth efforts around hubs in Hong Kong, London, Singapore and the United Arab Emirates.