Unionbank (Philippines)
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On December 23, 2021, Citigroup announced that Citigroup sold the company's consumer and retail banking business in the Philippines to Union Bank of the Philippines (UBP) for ₱ 55 billion, with the latter as the surviving entity of the said merger. The transaction included the bank’s credit card, personal loans, wealth management, and ...
The bank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: American Airlines, Best Buy, ConocoPhillips, Costco, ExxonMobil, The Home Depot, Sears, Shell Oil, and Staples Inc.
On December 23, 2021, UnionBank acquired Citibank Philippines from Citigroup for ₱55 billion, with UnionBank as the surviving entity of the said merger, the deal was closed and Consumer Banking of Citibank Philippines were transferred ownership to UnionBank effective 1 August 2022.
The deal includes Citi's credit card, personal loans, wealth management, and retail deposit businesses, and real estate assets.
Since then, MCC has become a leading provider of credit cards in the Philippines, with more than 1.5 million cards based from the data of the Credit Card Association of the Philippines (CCAP). MCC reported total assets of ₱60.4 billion and a return on average equity of 36.3 percent.
These are the largest banks in the Philippines ranked by total assets as published by Bangko Sentral ng Pilipinas (BSP). [1] [2] [3]