Money

For smooth transition: BSP monitoring Citibank’s exit from PH retail banking

The Bangko Sentral ng Pilipinas (BSP) is keeping an eye on Citi Philippines, the local unit of global banking giant Citibank N.A., as it winds down its retail operations in Manila.

The Bangko Sentral ng Pilipinas (BSP) is keeping an eye on Citi Philippines, the local unit of global banking giant Citibank N.A., as it winds down its retail operations in Manila.

BSP said in a statement that it is monitoring how Citibank will handle depositors and borrowers as they plan to refocus operations in Asia to wealth management and corporate transactions.

“CITI Philippines, in its report to the BSP clarified that there will be no immediate change in its retail business operations and its retail customers shall be serviced in a business-as-usual manner until further notice,” the BSP said Friday.

“The BSP is coordinating with CITI Philippines to ensure a smooth transition, including putting in place appropriate mechanism to timely respond to any queries and concerns of its depositors and other stakeholders,” it added.

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