BSP coordinating with Citi Philippines on planned consumer banking exit
Published April 23, 2021 3:34pm
The Bangko Sentral ng Pilipinas (BSP) said Friday it is coordinating with Citi Philippines after its parent Citigroup, an American banking giant, announced it will be closing its consumer banking business in 13 countries, including the Philippines.
“The BSP is coordinating with CITI Philippines to ensure a smooth transition, including putting in place appropriate mechanisms to timely respond to any queries and concerns of its depositors and other stakeholders,” the central bank said.
“The BSP is closely monitoring developments following the announcement of Citigroup to undergo a strategy refresh. Citigroup reported that it intends to focus its Global Consumer Bank presence in Asia (including the Philippines), Europe, Middle East and Africa (EMEA) on wealth management and institutional businesses,” the BSP said.