Citibank to buy Insular Savings Bank in Philippines

Citibank has announced that it will buy Insular Life Savings and Trust Company (Insular Savings Bank) in the Philippines. The acquisition has received approval from the Monetary Board of the Bangko Sentral ng Pilipinas and the consummation, subject to customary conditions, is expected to take place in May 2005.

With the acquisition of Insular Savings, Citibank will gain 36 branches in key areas nationwide, bringing its total number of retail branches in the Philippines to 42, says a press release.

Insular Savings is a medium-sized savings bank with total assets amounting to US$92 million as of December 2004. It is wholly-owned by industry pioneer, Insular Life Assurance Co Ltd, the third largest life insurance company in the Philippines.