Citigroup (C) Earnings Climbed By 3-Folds in Q1 insidermonkey.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidermonkey.com Daily Mail and Mail on Sunday newspapers.
By TED CORDERO, GMA News
Published April 20, 2021 2:04pm Citi Philippines, the local arm of American banking giant Citigroup, on Tuesday assured its customers that its consumer banking operations in the country will continue for the time being amid its parent’s plan to wind down consumer banking franchises in 13 countries, including the Philippines. In a statement, Citi Philippines said that its consumer business operations and offices “will 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,” said Citi Philippines Consumer Business head Manoj Varma.
The multinational investment bank headquartered in New York on Thursday announced strategic actions in the global consumer banking segment as part of an ongoing strategic review, which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential.
Citigroup announces consumer banking exit from PH, 12 other countries
enablePagination: false
endIndex:
Metro Manila (CNN Philippines, April 16) Citigroup will be bowing out of its consumer banking operations in the Philippines, it announced Thursday.
The New York-based banking giant confirmed the move in a press release, wherein it discussed “strategic actions” that will allow it to channel investments and resources to businesses with the greatest scale and growth potential.
Apart from the Philippines, Citigroup will also exit from its consumer franchises in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, Poland, Russia, Taiwan, Thailand and Vietnam.
“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” said Citi chief executive officer Jane Fraser of the move. “We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management