Milbank (Hong Kong) LLP advised Union Bank of the Philippines (“UnionBank”) in connection with its acquisition of the consumer banking business of Citigroup Inc. in the Philippines (“Citigroup”) through a highly competitive auction process. The total transaction value was estimated to be in excess of US$1 billion. The transaction is significant in the development of UnionBank’s retail banking business. In addition to expanding its customer base by approximately one million customers, the investment is anticipated to advance UnionBank’s credit-card and banking business in the higher-end segment of the consumer market. UnionBank is a leading universal bank in the Philippines. Citigroup is the largest foreign commercial bank in the Philippines providing corporate and investment banking services, treasury and trade solutions, markets and securities services, consumer banking services and business process outsourcing services. The Milbank deal team was led by Hong Kong Global Corporate partner Neeraj Budhwani and Hong Kong Global Capital Markets partner James Grandolfo with associates Matthew Leung and Michelle Lam. Washington DC based associate Javier Ramos also advised on the transaction.