Citibank Philippines

Company type	Subsidiary of Citigroup
Industry	Banking
Founded	July 1912; 111 years ago (1912-07)
Headquarters	34th Street, Bonifacio Global City, Taguig, Metro Manila , Philippines
Key people	Paul Favila (Citi Philippines CEO)
Website	www.citibank.com.ph

Citibank Philippines was the Philippines branch of Citibank. In July 1902, the International Banking Corporation, a predecessor to Citibank, opened its first branch in Manila. It was the largest commercial bank in the Philippines.

One of its largest investments in the country is the site building in Bonifacio Global City, Taguig.

Citigroup Philippines had 4,200 employees and 3 branches in Metro Manila and Metro Cebu.^{[ citation needed]}

History

In 2012, the bank installed an ATM in The Rockwell Center in Manila which dispenses US Dollars in addition to Pesos- becoming the first in the country to do so. ^[1] This allows customers to withdraw cash or conduct transactions up to $3000 per day.

Exit of consumer banking operations and merger with UnionBank

In April 2021, Citigroup announced it would exit its consumer and retail banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. However, Citibank Philippines continued its operations until the sale of the bank to the new local owners. ^{[2] [3]}

On December 23, 2021, Citigroup announced that Citigroup sold the company's consumer and retail banking business in the Philippines to Union Bank of the Philippines (UBP) for ₱ 55 billion, with the latter as the surviving entity of the said merger. The transaction included the bank’s credit card, personal loans, wealth management, and retail deposit businesses. The acquisition also included the bank’s real estate assets in Citibank Square in Eastwood, Quezon City, Metro Manila as well as three full service Citibank Philippines branches, five wealth centers and two bank branch lites. The deal also means UnionBank would absorb approximately Citibank Philippines' 1,750 local employees, including those in senior management roles, the deal is expected to close in the second half of 2022. ^[4]

Products and services

Through the Treasury and Trade Solutions team, Citi delivers the complete and advanced range of cash management and trade solutions in the country, providing customers with services that streamline and automate processes as well as mitigate risks.

Citi’s Securities Services provides a full suite of solutions including custody, clearing, asset servicing, fund administration, ETF services, middle office, agency securities lending, collateral management, transfer agency, and fiduciary services.

References