UnionBank announces its acquisition of Citigroup's PH consumer banking business

Wazzup Pilipinas!?

Following Citigroup's major exit across various APAC markets including the Philippines, Union Bank of the Philippines (UBP) officially takes over Citi's consumer banking business in the country. 

From potential seller to now the buyer, the Aboitiz family is beefing up its banking biz.

It wasn't so long ago when selling Unionbank was on the radar. UnionBank bested other suitors to acquire Citigroup's consumer banking biz in Philippines.

Union Bank of the Philippines is taking over American banking giant Citigroup Inc.’s consumer banking business in the Philippines. UBP will buy Citigroup's consumer banking business in the country for at least 45.3 billion pesos ($908 million).

"UBP was selected by Citi following an extensive and competitive auction process," says the American bank giant, stressing there will be no change in their service to customers during the transition to the agreement’s closing. 

UBP has entered into a Share & Business Transfer Agreement with various subsidiaries of Citi which includes Citi’s credit card, personal loans, wealth management, & retail deposit businesses, as well as Citi’s real estate interests in Citibank Square (Eastwood), 3 full-service bank branches, 5 wealth centers, & 2 bank branch lites. 

UnionBank says the acquisition will be funded by a combination of internal resources, stock rights offering (SRO)

UnionBank: The Bank’s key shareholders – Aboitiz Equity Ventures, Insular Life Assurance, and Social Security System – are fully committed to the SRO.

To recall, the banking giant earlier this year, on April 2021, said it will be leaving 13 APAC markets. It will continue its corporate banking presence in the Philippines.

The transaction with Citi is expected to close in the second half of 2022 and will be funded mainly by a stock rights offering, and is subject to regulatory approvals (BSP Monetary Board, PCC, PDIC, SEC, IC).

Citi will keep running its PH consumer banking business until the acquisition's completion, it adds.

UnionBank also sought a trading halt until 10:30am to give investors 'time to clearly understand and absorb' its announcement on the acquisition of Citi's PH consumer banking business.

About 1,750 employees are expected to transfer to the new owner.

Citi Philippines assures its customers that the development will have no immediate impact on their accounts, deposits, investments, credit cards, or any other services.

Norwegian Jewel to the be First Ship in the Brand’s 17-Ship Fleet to Homeport in Panama City

Wazzup Pilipinas!?

Norwegian Cruise Line (NCL), the innovator in global cruise travel, with a 55-year history of breaking boundaries, continues its legacy of “firsts” by announcing that it will become the first cruise line to homeport in Panama City, Panama, offering roundtrip Panama Canal voyages beginning 20 March 2022 with Norwegian Jewel.

NCL’s parent company Norwegian Cruise Line Holdings Ltd., the leading global cruise company which also operates the Oceania Cruises and Regent Seven Seas Cruises brands, signed a multi-year agreement with the Panama Tourism Authority, which allows the Company to seasonally homeport at the Colon Cruise Terminal as well as at Fuerte Amador Cruise Terminal located on the Pacific Ocean side the country and adjacent to Panama City. In 2022 and 2023, the Company will offer 12 homeport voyages starting with Norwegian Jewel on 20 March 2022 where she will sail a nine-day itinerary traversing the Panama Canal and visiting incredible destinations including Puerto Limon, Costa Rica; Oranjestad Aruba; Willemstad, Curaçao; Kralendijk, Bonaire and Cartagena Colombia before arriving to the Caribbean side of Panama in the city of Colon.

“Part of our Company’s mission is to create unforgettable experiences in some of the most special places around the world,” said Harry Sommer, president and chief executive officer of Norwegian Cruise Line. “This new agreement enables nearly 24,000 guests to experience the beauty of Panama each year.”

Starting 14 January 2023, Norwegian Gem will feature select Panama Canal voyages including an 11-day journey visiting seven ports of call, including Puerto Limon, Costa Rica; Oranjestad, Aruba; Willemstad, Curaçao; Puerto Plata, Dominican Republic and Grand Turk, Turks and Caicos Islands before ending in New York City. On 6 December 2023, Norwegian Joy will offer a 10-day voyage sailing from Panama City (Fuerte Amador), Panama and visiting notable destinations including Puerto Limon, Costa Rica; George Town, Grand Cayman; Roatán, Bay Islands; Harvest Caye, NCL’s private resort destination in Belize; Cozumel, Mexico and Great Stirrup Cay, the company's private island in the Bahamas before ending her journey in Miami.

For more information or to book a cruise with Norwegian Cruise Line, please contact a travel professional; call NCL Hong Kong on +852 2165 6000 and Southeast Asia on +65 3165 1680; or visit www.ncl.com.

Bongbong Marcos camp presents BIR tax certification showing BBM payment for his tax dues and fines

Wazzup Pilipinas!?

The Tax Certificate of Bongbong Marcos is just like his diploma from Oxford University —- it looks special.

Bongbong Marcos camp presents certification from Bureau of Internal Revenue showing the presidential aspirant fully paid his taxes and fines in his tax case.

Atty. Vic Rodriguez, spokesperson of former Sen. Bongbong Marcos, presents to the media a BIR certification dated December 9, 2021. 

The camp of Marcos Jr. insists that the former senator had "paid all his deficiency taxes, including interests.” "It has been paid, we owe nothing to the government,” says Rodriguez, showing the BIR certification. 

Rodriguez says this will invalidate the petitioners’ claims against Marcos Jr.  

Ganito ba talaga format ng legit na document from a government agency? 2-3 fonts used?, hindi logo ng BIR ang ginamit kundi slogan logo and walang dry seal? Nasaan ang tax receipt niya?

Does the payment only proves admitting of guilt? Conviction is true which makes him ineligible for public office.Pruweba ito na nag violate si Marcos Jr ng tax kaya nagbayad?

What is the date of this document? If it's less than 5 years old, the more it proves he evaded taxes from years back until the whole issue came about!

if he can ask this government agency to issue him certificate, why cant he asked then the Quezon City Regional Trial Court (RTC) for the clearance? it is the only way to fully clear him of the non-payment issue of the penalties imposed, if it is not the RTC then the Court of Appeals (CA) or whatever the rules says.

According to both Justices Panganiban and Carpio, it is the RTC that is the proper certifying authority as it is the final executory court.

His disqualification is based on his conviction, not whether he paid his fines and dues.

It feels like they’re trying to steer the case by making it about the payment instead of the actual conviction. Because a clearance (after paying his obligations) still doesn't erase his prior conviction.

He is still a tax evader. The payment of tax liabilities and fines after a conviction is an acceptance of guilt on the part of the convicted which makes him ineligible for any public office and that he lied in his COC about “not being convicted” of any crime.

Whether he paid the penalty or not, it doesn’t change the fact that he was convicted with a crime that perpetually disqualifies him to run for public office.

Anong klaseng tax to? Nakakapikon ng sobra. Akala ko naman milyun-milyon ang binayaran. Baryang barya lang po. Hindi ako mayaman pero ang tax ko sa isang taon ay higit 10x sa combined tax niya. Maliit na negosyong coffee shop nga eh may 10% withholding tax. Ang iba dyan, kung hindi orderan ng korte, hindi magbabayad. Pwede palang halos 20 years na di magbayad ng tax? Sige, gawin na ng lahat! Kung pwede pa mag- presidential candidate kahit ang tagal ng bayad (malamang dahil kinasuhan lang), e di all na!

Electing him in any government position is a mockery of our legal system.