BSP coordinating with Citi Philippines on planned consumer banking exit

The Bangko Sentral ng Pilipinas (BSP) said Friday it is coordinating with Citi Philippines after its parent Citigroup, an American banking giant, announced it will be closing its consumer banking business in 13 countries, including the Philippines.

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

Last week, Citigroup announced it  will close its consumer banking business in 13 countries including the Philippines, but noted that operations in the country will continue for the time being.

“The 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 (EMEA) on wealth management and institutional businesses,” the BSP said.

“As a result of this new strategy, Citigroup plans to exit from its retail banking business which covers credit cards, personal loans, retail deposits and other consumer-related services,” it said.

The central bank noted that Citi Philippines’ 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.

Ayala-led Bank of the Philippine Islands (BPI) has expressed interest to bid for the retail and consumer businesses of Citi Philippines. — Ted Cordero/RSJ, GMA News