Citibank PH announces last April of 2021 that their consumer business will exit the Philippine market together with 12 other countries. Consumer business includes products like savings accounts, credit cards, loans, etc.
As a result, a lot of local banks are very interested to acquire the consumer business of Citibank PH. Primarily because of its quality, especially its credit card business. We also mentioned in this video ( • Goodbye Citibank PH na... ) that a lot of analysts think that BDO is the frontrunner to acquire the asset.
But just this December 1, Bloomberg published an article that says "Citi Said to Pick Union Bank as Preferred Bidder for the Philippines". And the following day, Unionbank confirmed through a disclosure in PSE that they are currently in talks with Citibank PH about the acquisition.
Though some sources and news media thought that it's already a done deal, Citibank PH and Unionbank still insist that they are still in the preliminary stage of negotiation and that nothing is certain for now.
So as a client of Citibank, what can we expect moving forward? That is the question that we have to answer in this video. And if indeed, Unionbank acquires the consumer asset of Citibank PH, is it going to be beneficial for us?
As of now, Citibank PH is still operating and still accepting new credit card applications. In fact, you can get a Welcome Gift if you apply and get approved for a Citi Credit Card for the first time.
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8 дек 2021
