Citigroup agreed to sell its consumer-banking business in the Philippines to a local lender, pressing ahead with its strategy to exit most of its retail operations in Asia and switch gears to grow in wealth management.

On 23 December, the New York-based bank said it would divest its consumer franchise in the Southeast Asian country to Union Bank of the Philippines. The buyer will pay a premium equivalent to $908m, plus a cash consideration for the net assets transferred.