THE Bangko Sentral ng Pilipinas has approved UnionBank’s acquisition of Citigroup’s consumer business in the Philippines.

In a disclosure to the stock exchange on Wednesday, UnionBank said it has received the notice from the central bank dated July 18.

“Please be informed that Union Bank of the Philippines (UnionBank) received late today the notice from the Bangko Sentral ng Pilipinas dated 18 July 2022 approving the acquisition by UnionBank of Citigroup’s consumer business in the Philippines,” the Aboitiz-led bank said.

The BSP has cleared the acquisition which is composed of selected consumer assets and liabilities, real estate properties and interests of Citi Square Building Corp. and 100 percent of the capital stock in Citicorp Financial Services and Insurance Brokerage Philippines Inc.

Citigroup announced last year it would exit 13 international consumer banking business markets to focus on wealth management.

In December 2021, the Aboitiz lender announced its acquisition of the American banking giant.