UNION Bank of the Philippines (UnionBank) has secured the approval of the Philippine Competition Commission (PCC) on its acquisition of Citigroup Inc.'s retail operations in the country.

In a statement on Friday, the PCC said in a decision released on April 5 this year, it ruled that the proposed takeover does not result in a significant decrease of competition in each of the sectors of the consumer banking markets in a judgment released on April 5 this year. This is owing to significant competition from other banking institutions around the country.