Citigroup to Sell Philippines Consumer Assets to Union Bank

Union Bank of the Philippines will buy Citigroup Inc.’s consumer banking assets in the Southeast Asian country for a cash consideration plus a premium of 45.3 billion pesos ($904 million).

The deal covers the U.S. firm’s local credit card, unsecured lending, deposit and investment businesses as well as Citicorp Financial Services and Insurance Brokerage Philippines Inc., Citigroup and the Philippine lender said in separate statements Thursday. About 1,750 employees are expected to transfer to the new owner, it said.