Bangko Sentral 'coordinating' with Citibank as Citigroup trims retail banking business


Posted at Apr 23 2021 12:07 PM

Bangko Sentral 'coordinating' with Citibank as Citigroup trims retail banking business 1
A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Mike Segar, Reuters/File Photo

MANILA - The Bangko Sentral ng Pilipinas said Friday it was coordinating with Citi Philippines after the global Citigroup earlier announced the planned exit of its retail banking business in the country. 

Citigroup earlier said it would exit from 13 markets as it trims its consumer and retail businesses to focus on wealth management and institutional businesses. 

"The BSP is closely monitoring developments following the announcement of Citigroup to undergo a strategy refresh," the BSP said in a statement. 

"The BSP is coordinating with CITI Philippines to ensure a smooth transition, including putting in place appropriate mechanism to timely respond to any queries and concerns of its depositors and other stakeholders," it added.

Citi Philippines has clarified that there will be no immediate change in the retail business operations in the country "and its retail customers shall be serviced in a business-as-usual-manner" until further notice.

The Bank of the Philippine Islands (BPI) is "most likely" interested in bidding for Citi's retail business operations, its new president and CEO TG Limcaoco said in a virtual briefing. 
"It's a great business...I think when you look at our capital ratios, we have sufficient capital. I don't know what the ticket size would be but I suspect we should have sufficient capital to be able to fund it internally," he said.

Citibank Philippines is the 12th largest lender in the Philippines in terms of assets, according to the BSP.


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