Citi announced it is pulling out of its consumer banking operations in the Philippines and 12 other markets to focus on wealthier markets.
“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,” Ahmed said in a statement.
Citi started its operations in the Philippines in 1902. It is the sole settlement bank for the Philippines domestic dollar transfer system for the past 25 years.
Among its clients in the country are over 950 multinational companies and 90% of the top 20 largest market cap firms. Last year, Citi raised over $20 billion for its clients in the Philippines.
Citi Asia Pacific CEO Peter Babej said the Asia Pacific region is an integral part of Citi’s global strategy.
“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,” Ahmed added.
Citi has yet to announce its timetable for winding down its consumer banking business in the Philippines where it is the largest in the credit card business. (Eileen Mencias)