Market Inquiry: Retail Banking Services

The Philippine Competition Commission (PCC) is seeking your views in relation to the proposed acquisition by UnionBank of the Philippines (UnionBank) of certain assets of Citibank N.A., Philippine Branch (Citibank) and Citi Square Building Corporation, and shares in Citicorp Financial Services & Insurance Brokerage Philippines, Inc. (Transaction).

In particular, UnionBank will acquire Citibank’s consumer credit card, personal loans, wealth management, and retail deposit businesses in the Philippines. The Transaction also includes the assumption by UnionBank of Citibank’s real estate interests in Citibank Square Building in Eastwood, Quezon City and its bank branches.

About the Parties

UnionBank operates as a universal bank offering products and services which include deposit and related services, corporate and middle market lending, consumer finance loans (mortgage, auto loans and credit card), investment, treasury and capital market, trust and fund management, wealth management, remittance, cash management and electronic banking, and bancassurance.

Citibank operates as a commercial bank offering products and services which include corporate banking, treasury, transactional banking, and consumer banking services (credit cards, personal loans, wealth management, and deposits).

***

The views and opinions of consumers of retail banking services will be useful to assess the effects of the Transaction in the market. In particular, the PCC is seeking your views on the competition in the provision of consumer deposits, credit cards, and personal loans markets.

Consumers are requested to answer this Market Inquiry on or before March 18, 2022. You may also access the Market Inquiry on the QR code provided below.

If you also would like to arrange a meeting to discuss the matter or have questions, you may send an e-mail to mergers@phcc.gov.ph.

***