Citibank Philippines
It's the 12th largest bank in the Philippines and services top-tier businesses only
Products
Description
Citibank Philippines is a branch of the multinational Citibank, a baking subsidiary of the US Citigroup. Citibank Philippines is the 12th largest bank in the country with ₱360,916 million in assets, as of 2024. Currently, it services only the public sector, financial institutions, local corporations, and multinationals. It has no products for individual clients.
Products of Citibank Philippines
There is not much information available on the products Citibank offers in the Philippines, though it’s assumed its Institutional Clients Group must offer financing and investment products and services for large businesses.
History of Citibank Philippines
Citibank entered the Philippines in 1902 when the International Banking Corporation (IBC) opened its first branch in Manila. In 1918 National City Bank of New York acquired the IBC, and by 1930, the branches in Manila and Cebu adopted the new name.
In 1940 the Manila branch closed due to World War II, though it later reopened. In 1968, it established FNCB Finance Incorporated as a consumer loan affiliate, and in 1970 it used this affiliate to offer home-repair loans at a reduced rate to aid those affected by Typhoon Yoling. In 1974 it established a new affiliate, Citicorp Investment Philippines, for securities underwriting and dealership, financial consulting, and investment advisory services.
The National City Bank of New York was nicknamed Citibank in the 1860s, due to the wire code address it used at the time. In 1976 it was officially renamed to Citibank, N.A.
Throughout its history, Citibank Philippines has contributed to a multitude of projects for the development of the country, like building new water supplies for villages and financing geothermal plants. In 1990, the bank celebrated its 88th anniversary in the country by donating $7,000 to several nonprofit community projects.
In 2012, Citibank was the first bank in the country to install an ATM capable of dispensing US dollars, as well as pesos. In 2021, the multinational decided to close retail banking operations in 12 countries, including the Philippines. Following this decision, the entire consumer business was sold to Union Bank, which took control of all the accounts, clients, and branches. Citibank continues to operate in the Philippines, but it only services top-tier businesses and public companies.
