Despite the announcement over-the-weekend of Citigroup that it will exit from its consumer franchises in Asia and Europe, Middle East and Africa (EMEA), Citi Philippines yesterday assured customers that Consumer Business operations and offices will continue to operate normally in its branches nationwide.
Aftab Ahmed, Citi Philippines chief executive officer (CEO), said “there is no immediate change to our operations, and no immediate impact to our colleagues as a result of this announcement.”
“We will continue to serve our clients with the same dedication and focus on service excellence as we do today,” Ahmed said.
Manoj Varma, Philippines Consumer Business head, said all branches, ATMs, call centers and offices will continue to operate.
“We would like to convey to all credit card, bank account holders and our customers in investments and loans, that all our existing products and services will continue normally and there will be no change in our high level of service. Customers can continue to conduct transactions or service inquiries through the Citi Mobile App, Citibank Online and Citiphone.
This will remain the case until we notify customers of any changes,” Varma said.
Ahmed said Citi has a rich and long history in the Philippines, dating back to 1902 and the bank reaffirms its commitment to the country.
Citi has been in the Philippines for over 100 years with dedicated teams and a strong client base who have contributed to its success.
Citi today banks 90 percent of the top 20 largest market cap firms and over 950 multi-national companies in the Philippines.
In the last year, Citi helped raise over $20 billion for Philippine clients.
As part of its ongoing strategy refresh, Jane Fraser, Citigroup CEO, announced that Citi will focus its Global Consumer Bank presence in Asia and EMEA on global wealth centers and as a result, will pursue an exit from consumer franchises in 13 markets across the two regions, including the Philippines.
Ahmed explained that the strategy refresh presents an opportunity to invest further and grow Citi’s Institutional Clients Group franchise in the country which provides clients access to market leading corporate and investment banking, capital markets and advisory, treasury and trade and markets and securities services solutions.
