UnionBank of the Philippines said Monday it has completed its acquisition of Citigroup's consumer banking business in the Philippines, assuring over a million incoming customers of the "same level of experience."
Starting Aug. 1, the Aboitiz-led bank will be handling Citi's local credit card, unsecured lending, deposit, and investment business, as well as its asset management portfolio.
The move is seen to strengthen UnionBank’s three consumer businesses: credit cards, salary or personal loans, and mortgage loans.
"As we work to bring new and exciting products and services to our customers, we are committed to ensuring that the same level of experience will continue for the 1 million customers that are moving to UnionBank," UnionBank chief customer experience officer and chief digital channel officer Ana Delgado said in a statement.
An integration team has been formed for the smooth transition of the said accounts, UnionBank added.
UnionBank edged out the country's leading lenders with a P55 billion deal offer to acquire Citi's retail banking business in the Philippines as the latter moved to downsize its global consumer banking footprint to focus instead on wealth management.
The acquisition, hailed as a "game-changer" by UnionBank President Edwin Bautista, also includes 1,500 talents from Citi, including its senior management team.
"This further deepens our leadership bench. I am confident that, together, we will be able to bring the best customer experience and serve many more market segments and communities through innovation and collaboration," Bautista added.
UnionBank said with the completion of the acquisition, the bank becomes among the top three credit card issuers in terms of usage and spending in the Philippines.