Citibank Philippines Is The Philippine Branch Of Citibank. In July 1902, Citibank's Predecessor, International Banking Corporation, Opened Its First Branch In Manila. It Is The Largest Commercial Bank In The Philippines.
One Of The Company's Largest Investments In The Country Was The Construction Of A Site At Bonifacio Global City In Tayi.
Citibank Philippines, Comprising The Manila Citibank Solutions Center (CSC) Consisting Of The Regional Operations Headquarters (ROHQ) And Citigroup Business Process Solutions (CBPS), Has Approximately 7,000 Employees.
History
In 2012, The Bank Installed An ATM In Manila's Rockwell Center To Withdraw Dollars In Addition To Pesos - Becoming The First Bank In The Country To Do So. This Allows Customers To Withdraw Cash Or Make Transactions Daily, Up To $3,000.
Exiting Its Personal Banking Business And Merging With United Bank
In April 2021, Citigroup Announced That It Would Be Exiting Its Consumer And Retail Banking Business In 13 Markets, Including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand, And Vietnam. However, Citibank Philippines Continues To Operate Until The Bank Is Sold To A New Local Owner.
On December 23, 2021, Citigroup Announced That It Is Selling Its Consumer And Retail Banking Businesses In The Philippines To United Bank Of The Philippines (UBP), The Surviving Entity Of The Aforementioned Merger, For 55 Billion Pesos. The Transaction Includes The Bank's Credit Card, Personal Lending, Wealth Management And Retail Deposit Businesses. The Acquisition Also Includes The Bank's Real Estate Assets At Citibank Plaza In Eastwood, Quezon City, Metro Manila, As Well As Three Full-service Citibank Philippines Branches, Five Wealth Centers And Two Bank Branches. The Deal Also Means That Union Bank Will Absorb Approximately 1,750 Local Employees Of Citibank In The Philippines, Including Those In Senior Management Positions. The Deal Is Expected To Close In The Second Half Of 2022.
