UnionBank Approves Acquisition of Citibank PH Branch

Tech News

In view of a report recorded to the SEC, the Board of Directors of UnionBank of the Philippines, at its extraordinary gathering on December 23, 2021, has endorsed the procurement of Citibank, N.A, Philippines Branch.

To finance the securing, the Board supported the raising of extra capital of up to PHP 40 billion through the issuance of extra offers from UnionBank’s unissued approved capital stock by means of a stock rights offering (“SRO”) to every current investor.

The returns of the SRO will be used for the securing of Citigroup’s buyer banking business in the Philippines. UnionBank says that its investors – Aboitiz Equity Ventures, Inc., The Insular Life Assurance Co., Ltd. furthermore Social Security System – are focused on completely prefer their individual distributions just as to any SRO shares not taken up by different investors.

As indicated by Inquirer.net, the exchange incorporates Citibank’s Mastercard, individual credits, abundance the board, and retail store organizations, just as its land in Citibank Square in Eastwood, three full-administration bank offices, five abundance communities, and two bank office lites.

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