UnionBank of the Philippines has announced plans to raise as much as $1.1bn (PHP59bn) to fund the acquisition of Citi’s retail business in the country.

According to a filing on the Philippines Stock Exchange, the bank plans to list 800 million additional shares at an offer price of PHP64.55 ($1.27) to PHP73.78 ($1.43).

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“The bank intends to use the proceeds from the rights offer primarily to fund the bank’s acquisition of the consumer banking business of Citigroup in the Philippines, and if any amount of net proceeds is remaining, for general corporate purposes,” UnionBank’s statement read.

In December 2021, UnionBank signed a $908m deal with Citi to buy its local credit card, unsecured lending, deposits, and investment businesses.

The deal also covers Citi’s Insurance Brokerage Philippines and Citicorp Financial Services.

Upon completion, which is likely to happen in the second half of 2022, UnionBank is expected to retain nearly 1,750 Citi employees.

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Citi’s divesture in the Philippines is part of its global restructuring strategy to focus on investment banking.

Earlier this week, Citi announced a deal with Axis Bank to sell its retail business in India for a cash consideration of $1.6bn.

The deal will see Axis Bank buy Citibank India’s retail banking, consumer loans, wealth management and credit cards business along with the retail operations of Citi’s non-banking financial company, Citicorp Finance.

Upon completion, which is expected in the first half of 2023, 3,600 Citi employees will also move to Axis Bank.