Insular Life Assurance Co. Ltd. executive chairman Nina Aguas, the first female regional audit director in Citibank and the first woman country manager in Citibank Philippines, shares her excitement after Union Bank of the Philippines announced that it signed an agreement with Citigroup Inc. to acquire Citi’s consumer banking business in the Philippines. Together with the Aboitiz and SSS, Insular Life Assurance is a key shareholder in UnionBank.
Citi started in the Philippines in July 1902 when the International Banking Corp., forerunner of Citibank, established a branch in Manila. Today, Citi Philippines is the largest foreign bank in the country in terms of customers, assets and revenues.
Citi Philippines is an acknowledged leader in consumer banking owing to its enviable track record for innovation and customer service. It offers a full range of world-class banking products and services, including credit cards and Citigold Wealth Management.
“Citi Philippines was the first consumer banking business established by technology pioneer and visionary John Reed in Asia. It is one of Citi’s crown jewels in Asia, so bequeathing this business to UnionBank says a lot about how much confidence and trust Citi’s management has for the new owner,” said Aguas, one of Forbes Asia’s 25 most influential persons in 2020.
In a text message to fellow former Citibankers, Aguas assures them that UnionBank will continue to build on the successes of Citi. The legacy, the culture of professionalism, innovation and impact to the community lives on. Quite a number of former Citibankers hold board and senior executive positions in UnionBank.
Prior to being InLife’s executive chairman, Aguas was Citigroup Inc.’s managing director for corporate center compliance in New York; country business manager of global consumer group in the Philippines; head of sales and distribution of global consumer group in the Philippines; and regional audit director of Asia Pacific. Aguas is an awardee of Citibank’s 2021 Distinguished Alumni for Leadership & Ingenuity.