BSP on watch as Citi exits retail banking

The Bangko Sentral ng Pilipinas (BSP) is closely monitoring the planned exit of American banking giant Citigroup Inc. from the country’s retail banking sector as part of its global strategic refocus.

In a statement, the regulator said it is coordinating with Citi Philippines to ensure smooth transition after the New Yorkbased bank announced last week its planned exit from the consumer banking segment in the Philippines and 12 other markets in Asia as well as Europe, Middle East and Africa.

The BSP said Citi Philippines should put in place appropriate mechanism to timely respond to any queries and concerns of its depositors and other stakeholders.

Citi Philippines chief executive officer Aftab Ahmed said the bank’s strategic action in global consumer banking would have no immediate change in its operations in the Philippines.

“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.

Citi Philippines consumer business head Manoj Varma earlier said it is business as usual for Citi in the Philippines as the bank’s consumer business segment and offices continue to operate normally with the same dedication and passion to serve and support clients.

“We would like to convey to all credit card, bank account holders and our customers in investments and loans, that all our existing products and services will continue normally and there will be no change in our high level of service,” Varma said.

Aside from the Philippines Citi is pursuing exits from its consumer franchises in 12 other markets including Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, Poland, Russia, Taiwan, Thailand and Taiwan.

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