Citigroup (C) Earnings Climbed By 3-Folds in Q1 insidermonkey.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidermonkey.com Daily Mail and Mail on Sunday newspapers.
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 announces consumer banking exit from PH, 12 other countries
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Metro Manila (CNN Philippines, April 16) Citigroup will be bowing out of its consumer banking operations in the Philippines, it announced Thursday.
The New York-based banking giant confirmed the move in a press release, wherein it discussed “strategic actions” that will allow it to channel investments and resources to businesses with the greatest scale and growth potential.
Apart from the Philippines, Citigroup will also exit from its consumer franchises in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, Poland, Russia, Taiwan, Thailand and Vietnam.
“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” said Citi chief executive officer Jane Fraser of the move. “We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management
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.