Money

Ayalas set sights on Citi’s PH consumer business

Well positioned to accelerate growth, Bank of the Philippine Islands is interested in acquiring the Philippine consumer and retail banking business of Citi, which has decided to shift its focus to wealth management.

Well positioned to accelerate growth, Bank of the Philippine Islands is interested in acquiring the Philippine consumer and retail banking business of Citi, which has decided to shift its focus to wealth management.

“We have told them that as soon as there is any information, we will take a look at it and most likely, we will be interested. It’s a great business,” BPI president and CEO Jose Teodoro “TG” Limcaoco told reporters.

“People have reached out to us to tell us of what the plans are for the Philippines. I think it’s quite public knowledge that they will exit and they will try to sell the business,” he said.

Limcaoco said BPI has sufficient financial resources to acquire Citi’s consumer business in the country.

Apart from the Philippines, Citi is pulling the plug on its consumer banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, Poland, Russia, Taiwan, Thailand and Vietnam. It will instead run these businesses from its hubs in London, Untied Arab Emirates, Hong Kong and Singapore.

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