Citibank Philippines

Citibank Philippines is Citigroup's banking operation in the Philippines. Its presence in the country dates to July 1902, when the International Banking Corporation, a predecessor of Citibank, opened a branch in Manila. The operation subsequently became part of Citibank's international banking network and developed into one of the country's largest commercial banking franchises. For much of its history, Citibank Philippines operated across both institutional and consumer banking. Its institutional activities served public-sector organizations, leading Philippine corporations, multinational companies, and financial institutions. The business offered services associated with treasury, trade finance, cash management, securities services, and other corporate and investment-banking support. Its consumer franchise included credit cards, personal loans, wealth management, retail deposits, and branch-based banking. The Philippine operation also became an important regional service and operations center for Citigroup. Citi Philippines included the Citi Solutions Center Manila, comprising the Regional Operating Headquarters and Citigroup Business Process Solutions activities. Reference material describes the broader Citi Philippines organization as having approximately 7,000 employees, although that figure covers the wider country operation rather than only the bank's customer-facing branch network. Citigroup also made a significant property investment in Bonifacio Global City in Taguig, while Citibank Square in Eastwood, Quezon City became associated with the consumer banking business. The bank introduced a notable local ATM capability in 2012, installing a machine at Rockwell Center in Manila that could dispense both U.S. dollars and Philippine pesos. Customers could withdraw or conduct transactions of up to US$3,000 per day through the dollar-enabled service, making it the first ATM in the Philippines reported to provide U.S.-dollar cash in addition to pesos. Citigroup announced in April 2021 that it would leave consumer and retail banking in 13 markets, including the Philippines. The decision was part of a global strategy to concentrate Citi's consumer presence in fewer markets while continuing to serve institutional clients internationally. In December 2021, Citigroup announced the sale of its Philippine consumer and retail banking business to Union Bank of the Philippines for ₱55 billion. The transaction covered credit cards, personal loans, wealth management, and retail deposits, together with specified real-estate assets, branches, wealth centers, and branch-lite locations. Approximately 1,750 local employees were expected to transfer to UnionBank, subject to completion of the transaction. The consumer-business sale did not represent a complete withdrawal of Citigroup from the Philippines. Citi Philippines continued its institutional operations, including services for government and corporate customers, multinational companies, and financial institutions. Accordingly, the post-sale business has a narrower institutional focus than the historical full-service franchise, while the former consumer franchise became part of UnionBank's operations.

Citibank Philippines traces its local presence to July 1902, when the International Banking Corporation opened a Manila branch. The International Banking Corporation was a predecessor of Citibank, linking the Philippine operation to the wider international banking network that later became associated with Citigroup. Over time, the business grew into a major commercial banking operation in the Philippines. Historically, the bank combined institutional and consumer banking. Its institutional franchise worked with public-sector customers, leading Philippine corporations, multinational companies, and financial institutions. Its product scope included treasury and trade solutions, securities services, corporate banking, cash management, and related financial services. The consumer business served individuals through credit cards, personal loans, wealth management, retail deposits, branches, and other distribution channels. Citibank Philippines also formed part of Citi's regional operating and service infrastructure. The country organization included the Citi Solutions Center Manila, with the Regional Operating Headquarters and Citigroup Business Process Solutions. The broader Citi Philippines organization was reported to employ about 7,000 people. Citi's property footprint included a major site in Bonifacio Global City, Taguig, while Citibank Square in Eastwood, Quezon City was among the real-estate assets connected with the consumer business. In 2012, the bank installed an ATM at Manila's Rockwell Center that dispensed both U.S. dollars and Philippine pesos. The service allowed withdrawals or transactions of up to US$3,000 per day and was described as the first Philippine ATM to provide dollar cash alongside pesos. A major strategic change came in April 2021, when Citigroup announced that it would exit consumer and retail banking in 13 markets, including the Philippines. The move reflected a global effort to simplify Citi's consumer footprint and concentrate resources on selected markets, while maintaining its institutional-client businesses in the affected countries. On December 23, 2021, Citigroup announced an agreement to sell its Philippine consumer and retail banking business to Union Bank of the Philippines for ₱55 billion. The transaction included credit cards, personal loans, wealth management, and retail deposits. It also covered real-estate assets at Citibank Square in Eastwood, three full-service branches, five wealth centers, and two branch-lite locations. Approximately 1,750 employees, including members of senior management, were expected to move to UnionBank. The transaction was expected to close in the second half of 2022. The sale changed the character of Citibank Philippines rather than eliminating Citi's entire Philippine presence. Following the consumer-business exit, Citi Philippines continued to serve institutional customers through its Institutional Clients Group, including public-sector bodies, top-tier local companies, multinational corporations, and financial institutions. The operation therefore remains a Philippine branch and service platform of Citigroup, but with a substantially narrower focus on institutional financial services than the pre-transaction business.

• 2021

  Citigroup announces consumer-banking exit

  [1]Citibank Philippinesen.wikipedia.org

  Citigroup announced its intention to leave consumer and retail banking in the Philippines as part of a 13-market global exit.

• 2021

  Consumer business sale to UnionBank announced

  [1]Citibank Philippinesen.wikipedia.org

  Citigroup announced the sale of its Philippine consumer and retail banking business to Union Bank of the Philippines for ₱55 billion.

• 2012

  Dollar-dispensing ATM introduced

  [1]Citibank Philippinesen.wikipedia.org

  Citibank Philippines installed an ATM at Rockwell Center that dispensed U.S. dollars and Philippine pesos.

• 1902

  International Banking Corporation opens in Manila

  [1]Citibank Philippinesen.wikipedia.org

  A predecessor of Citibank opened its first Philippine branch in Manila in July 1902, establishing Citi's historical presence in the country.

A multinational bank focused in the Philippines on institutional banking, treasury and trade solutions, securities services, and financial services for government entities, major domestic corporations, multinational companies, and financial institutions. Before its consumer-business sale, it also operated a substantial retail banking and credit-card franchise.

• Institutional banking

  Treasury and Trade Solutions

  A core institutional offering supporting corporate and public-sector customers with treasury, cash-management, trade, and related transaction-banking services. In the Philippines, this business forms part of Citi's continuing institutional franchise serving large domestic companies, multinational corporations, government-related customers, and financial institutions.

• Institutional banking

  Securities Services

  Institutional services associated with the custody, administration, settlement, and servicing of securities and investment assets. The offering belongs to the institutional side of Citi Philippines and is distinct from the consumer business transferred to UnionBank.

• Consumer banking

  Credit cards

  A major component of Citibank Philippines' former consumer franchise. The Philippine card portfolio was included in the consumer and retail banking business sold to Union Bank of the Philippines in the transaction announced in 2021.

• Consumer banking

  Personal loans

  Consumer lending products offered by the former Citibank Philippines retail operation. Personal loans were included in the assets and activities covered by the sale to UnionBank.

• Consumer banking

  Wealth management

  Wealth-management services for retail and affluent customers that formed part of Citi Philippines' consumer banking franchise. The business and associated wealth-center network were included in the UnionBank transaction.

• Consumer banking

  Retail deposits

  Deposit accounts and related retail banking services offered through Citibank Philippines' consumer network. The retail deposit business was included in Citigroup's sale of its Philippine consumer operations to UnionBank.

• 2021

  Exit from consumer and retail banking in the PhilippinesStrategy

  Background

  Citigroup announced a global plan to leave consumer and retail banking in 13 markets, including the Philippines, while maintaining institutional operations.

  Action taken

  The Philippine consumer franchise was placed for sale, covering cards, personal loans, wealth management, retail deposits, branches, wealth centers, and related real estate.

  Aftermath

  Citigroup agreed to sell the business to Union Bank of the Philippines, allowing Citi Philippines to continue with an institutional-client focus.

  Source

• 2021

  Sale of Philippine consumer banking business to UnionBankM&A

  Background

  The sale followed Citigroup's decision to exit consumer and retail banking in the Philippine market.

  Action taken

  Citigroup announced a ₱55 billion transaction under which Union Bank of the Philippines would acquire the consumer and retail banking business and become the surviving entity for the merged consumer operation.

  Aftermath

  The announced transaction included approximately 1,750 employees, three full-service branches, five wealth centers, two branch-lite locations, and specified real-estate assets.

  Transaction value. ₱55 billion (Announced December 23, 2021)

  Source

• 2012

  Launch of dollar-dispensing ATMProduct launch

  Background

  Citibank Philippines sought to provide customers with direct access to U.S.-dollar cash in addition to Philippine pesos.

  Action taken

  The bank installed a dollar-dispensing ATM at Rockwell Center in Manila, with reported daily withdrawal or transaction capacity of up to US$3,000.

  Aftermath

  The installation was described as the first ATM in the Philippines to dispense both U.S. dollars and pesos.

  Source

• 2021

  Citigroup announces exit from Philippine consumer and retail banking[1]Citibank Philippinesen.wikipedia.org

  Other

  Citigroup announced a global plan to exit consumer and retail banking in 13 markets, including the Philippines, while retaining and developing its institutional businesses.

• 2021

  Citigroup agrees to sell Philippine consumer banking business to UnionBank[1]Citibank Philippinesen.wikipedia.org

  M&A

  Citigroup announced the sale of its Philippine consumer and retail banking operations to Union Bank of the Philippines for ₱55 billion. The transaction covered credit cards, personal loans, wealth management, retail deposits, selected properties, and branch facilities.

• 2012

  Citibank Philippines launches dollar-dispensing ATM at Rockwell Center[1]Citibank Philippinesen.wikipedia.org

  Product launch

  The bank installed an ATM at Rockwell Center in Manila capable of dispensing U.S. dollars as well as Philippine pesos, reportedly the first ATM in the country with that capability.

1. 1Citibank Philippinesen.wikipedia.org
2. 2Citi partners with Bayad Centertribune.net.ph