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Bangko Sentral 'coordinating' with Citibank as Citigroup trims retail banking business

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/04/23/20210420-citibank.jpg"/><figcaption>A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. <em>Mike Segar, Reuters/File Photo</em></figcaption></figure></div><p>MANILA - The Bangko Sentral ng Pilipinas said Friday it was coordinating with Citi Philippines after the global Citigroup earlier announced the planned exit of its retail banking business in the country. </p><p>Citigroup earlier said it would exit from 13 markets as it trims its consumer and retail businesses to focus on wealth management and institutional businesses. </p><p>&quot;The BSP is closely monitoring developments following the announcement of Citigroup to undergo a strategy refresh,&quot; the BSP said in a statement. </p><p>&quot;The BSP is coordinating with CITI Philippines to ensure a smooth transition, including putting in place appropriate mechanism to timely respond to any queries and concerns of its depositors and other stakeholders,&quot; it added.</p><p>Citi Philippines has clarified that there will be no immediate change in the retail business operations in the country &quot;and its retail customers shall be serviced in a business-as-usual-manner&quot; until further notice.</p><p>The Bank of the Philippine Islands (BPI) is &quot;most likely&quot; interested in bidding for Citi&#x27;s retail business operations, its new president and CEO TG Limcaoco said in a virtual briefing. <br/> <br/>&quot;It&#x27;s a great business...I think when you look at our capital ratios, we have sufficient capital. I don&#x27;t know what the ticket size would be but I suspect we should have sufficient capital to be able to fund it internally,&quot; he said.</p><p>Citibank Philippines is the 12th largest lender in the Philippines in terms of assets, according to the BSP.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/16/21/citigroup-trims-global-consumer-banking-profile-as-earnings-jump">Citigroup trims global consumer banking profile as earnings jump</a></li>	<li><a href="https://news.abs-cbn.com/business/04/22/21/bpi-interested-citibank-philippines-consumer-business">BPI &#x27;interested&#x27; to bid for Citibank&#x27;s Philippine consumer business</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1646531" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The Bangko Sentral ng Pilipinas said Friday it was coordinating with Citi Philippines after the global Citigroup earlier announced the planned exit of its retail banking business in the country. <br /> </p>

The Bangko Sentral ng Pilipinas said Friday it was coordinating with Citi Philippines after the global Citigroup earlier announced the planned exit of its retail banking business in the country.