Jump to content

ALERT! Citigroup closing consumer, retail operations in PH after 100 years.


Recommended Posts

Attention to all, who do business through Citibank outlets in the Philippines,

Citibank is closing all their customer branches in the Philippines!

https://business.inquirer.net/321250/us-banking-giant-citigroup-closing-consumer-retail-operations-in-ph

 

MANILA, Philippines—American banking giant Citigroup is refocusing its global operations by unwinding its consumer and retail banking businesses in several emerging markets, including the Philippines.

But Citi, one of the first foreign banks to set up shop in the country, will keep its wholesale banking operations as part of this strategic refocus.

Seeking to direct investments and resources to businesses where it has the “greatest scale and growth potential,” Citi unveiled plans to focus its global consumer bank presence in Asia and Europe, Middle East and Africa (EMEA) on four wealth centers—Singapore, Hong Kong, the UAE and London.

As a result, Citi intends to exit from its consumer franchises in 13 jurisdictions, namely: Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The institutional businesses will remain in these markets.

Citi Asia Pacific chief executive officer (CEO) Peter Babej said on Thursday (April 15) night: “Asia Pacific is an integral part of our global strategy, and a key driver of our growth and value proposition. We will continue to invest in our network across the region and deliver Citi’s unique global capabilities to clients across all our markets.”

For his part, Citi Philippines CEO and country officer Aftab Ahmed said: “There is tremendous opportunity with this strategy refresh by Citi for us to offer a uniquely differentiated value proposition to our clients as we move into a new phase of growth and transformation focusing on our institutional franchise.”

“We have been in the Philippines for over 100 years with dedicated teams and a strong client base who have contributed to our success,” said Ahmed.

“We today bank 90 percent of the top 20 largest market cap firms and over 950 multi-national companies in the Philippines. In the last year we raised over $20 billion for our Philippines clients,” Ahmed added.

“There is no immediate change to our operations, and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clients with the same care, empathy and dedication as we do today.”


Read more: https://business.inquirer.net/321250/us-banking-giant-citigroup-closing-consumer-retail-operations-in-ph#ixzz6sFEuWIiN
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

 

Link to post
Share on other sites
fivestarph
44 minutes ago, ck1 said:

Attention to all, who do business through Citibank outlets in the Philippines,

Citibank is closing all their customer branches in the Philippines!

https://business.inquirer.net/321250/us-banking-giant-citigroup-closing-consumer-retail-operations-in-ph

 

MANILA, Philippines—American banking giant Citigroup is refocusing its global operations by unwinding its consumer and retail banking businesses in several emerging markets, including the Philippines.

But Citi, one of the first foreign banks to set up shop in the country, will keep its wholesale banking operations as part of this strategic refocus.

Seeking to direct investments and resources to businesses where it has the “greatest scale and growth potential,” Citi unveiled plans to focus its global consumer bank presence in Asia and Europe, Middle East and Africa (EMEA) on four wealth centers—Singapore, Hong Kong, the UAE and London.

As a result, Citi intends to exit from its consumer franchises in 13 jurisdictions, namely: Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The institutional businesses will remain in these markets.

Citi Asia Pacific chief executive officer (CEO) Peter Babej said on Thursday (April 15) night: “Asia Pacific is an integral part of our global strategy, and a key driver of our growth and value proposition. We will continue to invest in our network across the region and deliver Citi’s unique global capabilities to clients across all our markets.”

For his part, Citi Philippines CEO and country officer Aftab Ahmed said: “There is tremendous opportunity with this strategy refresh by Citi for us to offer a uniquely differentiated value proposition to our clients as we move into a new phase of growth and transformation focusing on our institutional franchise.”

“We have been in the Philippines for over 100 years with dedicated teams and a strong client base who have contributed to our success,” said Ahmed.

“We today bank 90 percent of the top 20 largest market cap firms and over 950 multi-national companies in the Philippines. In the last year we raised over $20 billion for our Philippines clients,” Ahmed added.

“There is no immediate change to our operations, and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clients with the same care, empathy and dedication as we do today.”


Read more: https://business.inquirer.net/321250/us-banking-giant-citigroup-closing-consumer-retail-operations-in-ph#ixzz6sFEuWIiN
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

 

Yup, I read that. Wonder when it will happen?

Link to post
Share on other sites

I would assume that they will close down all the bank branches by the end of the year. The next time I visit the Cebu Ayala branch, I will ask the employees to see what they know? So sad they will all loose their jobs..

Link to post
Share on other sites
Fresh

They had a terrible location in Cebu City, and maxed out ATM at 20k instead of 40k like HSBC.  Try harder next time, Citi

Link to post
Share on other sites
rfm010
16 hours ago, Fresh said:

They had a terrible location in Cebu City, and maxed out ATM at 20k instead of 40k like HSBC.  Try harder next time, Citi

I think the following sums up how muchthey care about the complaints of us riff raff.  Upside is the wife will finally get rid of her citi cards and get cards from a bank that gives a reasonable credit line.

On 4/16/2021 at 7:41 PM, ck1 said:

We today bank 90 percent of the top 20 largest market cap firms and over 950 multi-national companies in the Philippines. In the last year we raised over $20 billion for our Philippines clients,” Ahmed added.

 

Link to post
Share on other sites
Soupeod
10 hours ago, rfm010 said:

I think the following sums up how muchthey care about the complaints of us riff raff.  Upside is the wife will finally get rid of her citi cards and get cards from a bank that gives a reasonable credit line.

 

I got rid of mine last year. Cabellas changed to a Citibank visa, I tried to migrate my card to Citibank but their cheap ass programming on their website would not accept my phone number.  Called customer service ( overseas call center ), and the guy could not manually update my card or enter a phone number.  I said “ Can you cancel my account?” He said he could and I said thank you. Citibank is so big they don’t give a rats ass about a normal consumer. IMHO

Edited by Soupeod
  • Like 2
Link to post
Share on other sites

BPI eyeing bid for Citi consumer, retail banking business

 

https://business.inquirer.net/321565/bpi-eyeing-bid-for-citi-consumer-retail-banking-business

MANILA, Philippines—Ayala-led Bank of the Philippine Islands (BPI) is keen on bidding for the Philippine consumer and retail banking business of Citi, which plans to exit this segment as part of a global downsizing program.

Asked about Citi’s exit from retail and consumer banking, BPI president Teodoro Limcaoco said at a press briefing on Thursday (April 22) that BPI would “take a look” as soon as a divestment process was in place, adding that BPI had “always been admirers” of Citi’s retail business.

If given such an opportunity, he said BPI would have sufficient capitalization to take on Citi’s domestic assets.

“It is an excellent franchise,” said Limcaoco.

“We’ve always looked at it but we never believed that Citibank would ever give up on the Philippines,” he said.

“And unfortunately for our colleagues in Citibank, (exiting the) Philippine business is a global decision,” Limcaoco said. “Most likely we’ll be interested. It’s a great business,” he added.

Citi plans to exit its consumer franchises in 13 jurisdictions—Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. It will keep the institutional businesses in these markets.

 

 

 

 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...