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Aboitiz-led Union Bank of the Philippines is the "preferred bidder" for the Philippine consumer and retail banking assets of American banking giant Citigroup, a report from Bloomberg newswire said. In the coming weeks, UnionBank will negotiate on the sale in a prospective deal valued at $1 billion, Bloomberg reported on Wednesday, citing anonymous sources. "It's somewhat surprising given that one of the top three banks was expected to win," said Raymond Neil Franco, head of research at local stock brokerage Abacus Securities. "Citi's Philippines consumer business should be a good fit for UnionBank's strength in corporate and treasury. Together with the push into digital banking,...

Keep on reading: UnionBank surprise front-runner for Citi’s PH retail business
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