Dear Fellow Team Members,

I hope you are all keeping safe this Christmas season despite these challenging times for everyone. Still, we have moments of triumph for the Aboitiz Group that we should be thankful for.

I would like to congratulate our hardworking banking and financial services team at UnionBank who have successfully executed the acquisition of Citibank’s consumer banking business in the Philippines. The transaction includes Citi’s credit card, personal loans, wealth management, and retail deposit businesses, as well as Citi’s real estate interests in relation to Citibank Square in Eastwood, three full service bank branches, five wealth centers, and two bank branch lites.

With almost 50% ownership in UnionBank, Aboitiz Equity Ventures fully supports this transaction and we are pleased with its outcome and the value it brings to the Bank. Citibank shares our value of innovation and focus on customer service and profitability, and the acquisition of their Philippine operations should increase our market share of the industry.

We are confident that this acquisition will be truly transformative for the Bank. Through it, UnionBank will become the fourth largest in the credit card business and a major player in the wealth management business. It is also expected to deliver significant revenue synergies and will come with a whole team of talented professionals from Citibank.

UnionBank is the second largest revenue contributor to AEV and we expect nothing less than consistent growth in its business as it continues to reap the benefits from its Digital Transformation Strategy.

Congratulations again to UnionBank President and CEO Edwin Bautista and everyone in the team. We extend to them our full support as they embark on this game-changing journey!

#OneAboitiz

Sabin M. Aboitiz
President and Chief Executive Officer
Aboitiz Group