SunStar BSP to monitor Citi s PH exit; BPI eyeing bid for its retail biz
KEEN ON ACQUIRING. Jose Teodoro Limcaoco, the new president and chief executive officer of Bank of the Philippine Islands, thinks the Citibank retail business is an excellent franchise. He says if given the opportunity, BPI has sufficient funds to assume Citi’s large consumer based or domestic assets. (BPI)
+ April 25, 2021 THE Bangko Sentral ng Pilipinas (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 on wealth management and institutional businesses.
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.
Citigroup CEO, Jane Fraser, announced via a press release on Thursday (Apr. 15) that the bank will exit from 13 retail banking markets across Europe and Asia.
Retail banking consumers within these countries will face the shut down of their Citibank credit cards, saving bank accounts and personal loans according to The Economic Times.
Affected countries include Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Its Institutional Clients Group will nonetheless continue to serve clients in these markets. Citigroup said that it is choosing to focus on investments and resources in markets with the most potential growth and scale.
Citigroup to close consumer banking franchises in Philippines, 12 other countries By TED CORDERO, GMA News
Published April 16, 2021 1:00pm US banking behemoth Citigroup will be closing its consumer banking in 13 countries, including the Philippines, as it plans to refocus its global operations to areas with the “greatest scale and growth potential.” In a statement posted on its website, Citi announced its “strategic actions” in its Global Consumer Banking “as part of an ongoing strategic review, which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential.” With this, Citi said it will focus its Global Consumer Bank presence in Asia and Europe, the Middle East and Africa (EMEA) particularly on four wealth centers Singapore, Hong Kong, the United Arab Emirates, and London.
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