Citibank Philippines is the

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

branch of

Citibank Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

. In July 1902, the International Banking Corporation, a predecessor to Citibank, opened its first branch in

Manila Manila, officially the City of Manila, is the Capital of the Philippines, capital and second-most populous city of the Philippines after Quezon City, with a population of 1,846,513 people in 2020. Located on the eastern shore of Manila Bay on ...

. It was the largest

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

in the

. One of its largest investments in the country is the site building in

Bonifacio Global City Bonifacio Global City, also known as BGC, Global City, or The Fort, is a 240-hectare mixed-use estate and central business district located in Fort Bonifacio, Taguig, Philippines. It is the home of the Philippine Stock Exchange, the national ...

Taguig Taguig (), officially the City of Taguig (), is the List of cities in the Philippines, fifth-most populous city in the Philippines situated on the eastern shores of Metro Manila, the national capital region. It is a center for culture, finance ...

. Citi Philippines, including Citi Solutions Center (CSC) Manila, comprising Regional Operating Headquarters (ROHQ) and the Citigroup Business Process Solutions (CBPS), have around 7,000 employees. Currently, Citi Philippines serves the public sector, top-tier local corporates, multinationals, and financial institutions through its Institutional Clients Group.

History

In 2012, the bank installed an ATM in The

Rockwell Center Rockwell Center is a high-end Mixed-use development, mixed-use neighborhood in the Poblacion area of Makati City, Metro Manila, Philippines, named after James Rockwell, former President of Meralco, Manila Electric Railroad and Light Company (Meral ...

in Manila which dispenses US Dollars in addition to Pesos- becoming the first in the country to do so. This allows customers to withdraw cash or conduct transactions up to $3000 per day.

Exit of consumer banking operations and merger with UnionBank

In April 2021,

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

announced it would exit its consumer and retail banking operations in 13 markets, including Australia, Bahrain, China,

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...

, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. However, Citibank Philippines continued its operations until the sale of the bank to the new local owners. On December 23, 2021,

announced that Citigroup sold the company's consumer and retail banking business in the Philippines to Union Bank of the Philippines (UBP) for

₱ The Philippine peso sign (₱) is the currency symbol used for the Philippine peso, the official currency of the Philippines. The symbol resembles a Latin script, Latin letter P with two horizontal strokes. It differs from the currency symbol u ...

55 billion, with the latter as the surviving entity of the said merger. The transaction included the bank’s credit card, personal loans, wealth management, and retail deposit businesses. The acquisition also included the bank’s real estate assets in Citibank Square in Eastwood,

Quezon City Quezon City (, ; ), also known as the City of Quezon and Q.C. (read and pronounced in Filipino language, Filipino as Kyusi), is the richest and List of cities in the Philippines, most populous city in the Philippines. According to the 2020 c ...

Metro Manila Metropolitan Manila ( ), commonly shortened to Metro Manila and formally the National Capital Region (NCR; ), is the capital region and largest List of metropolitan areas in the Philippines, metropolitan area of the Philippines. Located ...

as well as three full service Citibank Philippines branches, five wealth centers and two bank branch lites. The deal also means UnionBank would absorb approximately Citibank Philippines' 1,750 local employees, including those in senior management roles, the deal is expected to close in the second half of 2022.

Products and services

Treasury and Trade Solutions Securities Services

References

{{Banks of the Philippines , state=autocollapse Citigroup Banks of the Philippines Banks established in 1902 Companies based in Bonifacio Global City 1902 establishments in the Philippines 2022 disestablishments in the Philippines Philippine subsidiaries of foreign companies