American banking giant Citigroup announced that it will exit consumer banking operations in 13 markets across Europe and Asia, including the Philippines.
In a statement, Citigroup said it is refocusing its operations from four hubs – Singapore, Hong Kong, the United Arab Emirates and London – where it has the “greatest scale and growth potential.”
Citigroup will close its banking operations in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Institutional businesses in these markets will continue in these markets,
Citi Philippines CEO and country officer Aftab Ahmed said no immediate change will be expected in their operations as its wholesale banking operations will stay.
“There is no immediate change to our operations, and no immediate impact to our colleagues as a result of this announcement,” he said.
“We have been in the Philippines for over 100 years with dedicated teams and a strong client base who have contributed to our success,” Ahmed added. (RA)