SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Aug 1, 2022

2. SEC Identification Number

36073

3. BIR Tax Identification No.

000-508-271-000

4. Exact name of issuer as specified in its charter

UNION BANK OF THE PHILIPPINES

5. Province, country or other jurisdiction of incorporation

METRO MANILA

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

UNIONBANK PLAZA, MERALCO AVENUE CORNER ONYX STREET, ORTIGAS CENTER, PASIG CITY Postal Code 1605

8. Issuer's telephone number, including area code

(02) 8667-6388

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON	2,142,106,764

11. Indicate the item numbers reported herein

ITEM 9 - OTHER EVENTS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Union Bank of the PhilippinesUBP

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
UnionBank completes the acquisition of Citigroup's consumer banking business in the Philippines
Background/Description of the Disclosure
Please be informed that UnionBank of the Philippines announced today that it has completed the acquisition of Citigroup’s consumer banking business in the Philippines. With the Citi consumer portfolio, UnionBank will become part of the top 3 credit cards issuers in terms of usage and spends. The transaction will be effected via (i) an asset and liability transfer of the consumer banking activities of Citibank, N.A., Philippines Branch, (ii) the sale of the shares in Citicorp Financial Services and Insurance Brokerage Philippines, Inc., and (iii) the sale of the real estate shares in Citibank Square building in Eastwood, Quezon City. The total cash consideration is based on the net assets of the Citi Philippines consumer banking business plus a premium of Php 45.3 billion. Based on the closing statement as of 30 June 2022, the net asset value of the business was at Php 26.7 billion. Please refer to the attached Press Release dated August 1, 2022 entitled “UnionBank completes the acquisition of Citigroup's consumer banking business in the Philippines”.
Other Relevant Information
N/A