Citi has formally turned over its Philippine consumer banking business to Union Bank of the Philippines (UnionBank), marking another step in the American banking giant's move to quit retail banking in several markets worldwide.

UnionBank announced last week that regulators had approved the sale, which covered Citi's local credit card, unsecured lending, deposit and investment businesses as well as Citicorp Financial Services and Insurance Brokerage Philippines Inc. Approximately 1,540 consumer bank and supporting employees will transfer to UnionBank.