UNIONBANK of the Philippines, Inc.’s purchase of Citigroup, Inc.’s local retail unit could raise its credit rating, though it could narrow the Manila-based lender’sThe transaction would significantly boost the bank’s retail segment, CreditSights Asia Pacific analysts Lim Ze Hao and Yustina Quek said in a report.
The acquisition also includes Citi’s real estate interests in relation to Citibank Square in Eastwood, three full-service bank branches,The transaction is part of Citi’s global plan to shed consumer franchises in 13 overseas markets, 10 of them in the Asia-Pacic region. It will continue to offer consumer banking in Hong Kong, Singapore, London and the United Arab Emirates, the bank’s four wealth hubs.
“While capital levels almost certainly will not fall below regulatory minimums as that would mean not getting the blessing of regulators, the acquisition looks set to leave the bank with a relatively thin capital buer post-transaction, even with the large support from its shareholder group,” according to CreditSights, a unit of the Fitch Group.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: bworldph - 🏆 9. / 68 Read more »