Citigroup Inc. has chosen Union Bank of the Philippines as its preferred bidder to acquire its consumer banking assets in the Southeast Asian country, according to people familiar with the matter.

Citigroup and Union Bank plan to continue to negotiate the terms and structure of a deal with the goal of reaching an agreement over the coming weeks, the people said. A potential sale could value the assets at about US$1 billion, the people said.

Talks are still ongoing and there’s no certainty a transaction will be concluded, the people said. Other bidders remain interested, they said.

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