BSP to monitor Citi's PH exit; BPI eyeing bid for its retail biz
THE Bangko Sentral ng Pilipinas (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 on wealth management and institutional businesses.
Romeo Comabig, president of the Cebu Bankers Club, said they respect the position of their member bank and would not preempt any actions it will take.
“I can only assure that the banking industry remains strong and the decision of Citibank is part of its global business strategy,” he said.
Citigroup plans to exit from its retail banking business which covers credit cards, personal loans, retail deposits and other consumer-related services in 13 jurisdictions—Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
