Citigroup sells consumer bank in Philippines, plans exiting Malaysia

Jane Fraser, Citigroup chief executive officer, says the bank does not have enough scale in the markets to compete,

MANILA: Citigroup Inc said on Thursday it is selling its consumer-banking business in the Philippines to UnionBank in the third of 13 planned exits from Asia franchises.

Citigroup said the Philippines transaction will increase its tangible common equity by about $500 million of the total $7 billion increase it expects to eventually come from the Asia divestiture plan it announced in April.