UnionBank of the Philippines, one of the universal banks in the Philippines, completed the acquisition of the Philippines consumer banking unit of Citigroup, an American multinational investment bank and financial services corporation, for $1.1bn. "This transaction represents a positive outcome for our clients, our colleagues and our firm. We are delivering on our renewed strategy, focusing resources in areas where our global network positions us to deliver optimal growth and returns. Citi will continue to serve institutional clients in the Philippines and across Asia Pacific as we have for over a century. We are very pleased with today’s announcement, and we will use the capital generated to invest in our strategic priorities," Peter Babej, Citigroup Asia Pacific CEO.