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.
BusinessWorld
April 23, 2021 | 6:51 pm
REUTERS
The Bangko Sentral ng Pilipinas (BSP) said it will closely monitor Citigroup, Inc. exit from retail banking in the Philippines to ensure a smooth transition as Philippine banks express interest in acquiring the US bank’s loan book.
“Citi Philippines, in its report to the BSP, clarified that there will be no immediate change in its retail business operations and its retail customers shall be serviced in a business-as-usual manner until further notice,” the central bank said in a statement Friday.
Citi announced last week that it will be exiting the consumer banking business in 13 Asia-Pacific markets including the Philippines, but it will keep its corporate banking business.
Published April 23, 2021, 4:32 PM
Two of the country’s big banks BDO Unibank Inc. and Bank of the Philippine Islands (BPI) are currently looking into acquiring Citi Philippines’ retail business after its parent global company, US-based Citibank N.A., announced its planned exit.
BDO president and CEO Nestor V. Tan said Friday (April 23) that they will explore on how they can bid for it but in consideration of the size of its own hefty retail business.
“We will likely take a look at it, it’s a good business franchise that any bank will be interested to look at. It’s not something that you can ignore,” Tan said during the bank’s annual stockholders meeting.
BDO, BPI express interest in Citi Philippines retail biz
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Metro Manila (CNN Philippines, April 23) Two of the country s largest banks are eyeing to absorb the consumer banking business of Citi Philippines, as the American investment bank has decided to end its operations in several markets.
A top official of Sy-led Banco de Oro Unibank, Inc. on Friday said the group may explore opportunities and pursue the retail and consumer business of Citi Philippines. We will likely take a look at it, BDO president and chief executive officer Nestor Tan said during the lender s virtual annual stockholders meeting.
BusinessWorld
April 23, 2021 | 12:04 am
BANK OF THE Philippine Islands (BPI) booked a lower net profit in the first three months of the year due to a decline in revenues caused by lower net interest income.
The lender is moving forward under the leadership of its new President and Chief Executive Officer Jose Teodoro “TG” K. Limcaoco and plans to ramp up digitalization, expand its retail and small business portfolio, and veer away from financing coal projects, with the lender also looking into bidding for the retail business of Citigroup, Inc. in the Philippines.
The bank’s net income stood at P5 billion in the first quarter, it said in a filing with the local bourse on Wednesday. This is lower by 21.64% from the P6.381 billion booked a year earlier, based on BPI’s financial report for the first quarter of 2020.