With six full-service branches and a track record for innovation and customer service, the bank is thriving in the Philippines.

Citigroup Philippines has been ranked, time and again, as one of the top commercial banks in the country

itigroup may be a foreign bank operating in the Philippines, but it is no stranger to the archipelago. Citigroup's history dates back to 1902, when the International Banking Corporation established a branch in Manila. Today, it is the largest foreign commercial bank in the Philippines in terms of customers, assets, revenues, employees and number of domestic branches. With a staff of over 3,000 employees, 99 percent of which are local, Citigroup has been consistently ranked as one of the top commercial banks in the nation.

“The group is eager to move into the future with the Philippines,” says Citigroup Country Officer Sanjiv Vohra. “In recent years, despite market volatilities, Citigroup was among the very few who forged ahead and continued to invest in the country, not only by increasing our capitalization but through acquisition”. In May of last year, Citigroup acquired a medium-sized savings bank with 36 branches, complementing Citibank’s existing six branches and expanding its overall retail distribution network. Mr. Vohra adds, “We are reinvigorating the local capital markets with new issues, including our own. Through our consumer group, we are the largest credit card issuer in the country, recently surpassing the one million mark”.

SANJIV VOHRA Citigroup Country Officer

Taking advantage of the abundance of technically skilled local talent, Citigroup moved many of its shared services from the region to the Philippines. “One and a half floors of this building are teeming with young people who do shared service financial reporting and consolidation for the entire region. We have growing call centers and a software development hub to service the consumer operations in the region,” Mr. Vohra continues.

He says that the bank’s immediate strategy is to increase distribution. “We aim to develop new products in the local currency to serve as the country’s growth engine. As in every market we’re in, we are as embedded as any true domestic bank, but with the distinct advantage of having access to Citigroup’s vast global resources. With this combined strength, we will focus on growth areas that will develop the country, the customers and the business.”