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Union Bank says 'no definitive' deal with Citigroup yet

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. Robert Galbraith, Reuters/File Photo" src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/12/03/citigroup-divestiture-korea.jpg"/><figcaption>People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. Robert Galbraith, Reuters/File Photo</figcaption></figure></div><p><br/>MANILA - There is no definitive deal yet, Union Bank of the Philippines said Friday, pertaining to its reported interest in acquiring Citigroup&#x27;s consumer and retail banking business in the country. </p><p>In April, Citigroup said it would exit from 13 markets, including the Philippines, to focus on its management and institutional businesses.</p><p>&quot;The Bank is still in discussions with Citigroup Inc and no definitive agreement has been signed. Further disclosures will be made when warranted,&quot; the Aboitiz-led bank told the stock exchange.</p><p>On Thursday, the bank confirmed it was in <a href="https://news.abs-cbn.com/business/12/02/21/unionbank-in-talks-with-citi-for-potential-acquisition-of-ph-unit">discussion</a> with Citigroup. The talks, however, are still in the preliminary stage. </p><p>The Bangko Sentral ng Pilipinas said it was closely monitoring the development to ensure a smooth transition. </p><p>Citi Philippines, meanwhile, assured its clients that there would be no immediate change in the retail business in the country.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/22/21/bpi-interested-citibank-philippines-consumer-business">BPI &#x27;interested&#x27; to bid for Citibank&#x27;s Philippine consumer business</a></li>	<li><a href="https://news.abs-cbn.com/business/04/23/21/bsp-citibank-philippines-citigroup-retail-banking-exit">Bangko Sentral &#x27;coordinating&#x27; with Citibank as Citigroup trims retail banking business</a></li></ul><div><strong> RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1646531" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

There is no definitive deal signed yet, Union Bank of the Philippines said Friday, pertaining to the reported interest of the lender in acquiring Citigroup's consumer and retail banking business in the country. 