Citigroup invests add’l P3B in RP operations

Global financial services company Citigroup will increase its foreign direct investment in the Philippines by close to P3 billion.

This will bring Citigroup’s equity investment in the Philippines to approximately P7.6 billion and will allow Citigroup to have a total regulatory capital of up to P38 billion as provided for in Bangko Sentral ng Pilipinas’ Manual of Regulations on foreign bank capitalization.

Citigroup country officer James F. Hunt said that the added capitalization is proof of Citigroup’s long-term commitment to doing business in the Philippines.

"Clearly, the Philippines is an important market for us and continues to offer tremendous growth opportunities. We are looking to do more deals that will help fasttrack the development of the local capital market. We will take advantage of the vast resources of Citigroup to bring the most innovative products and solutions to our clients. And, with the strength of our systems and quality of our people, operationally, we are poised to do more business process outsourcing activities that can be done for our other branches within the region. This infusion underscores Citigroup’s commitment to the Philippines for generations to come," he said.

Acknowledging Citigroup’s additional investment, Trade and Industry Secretary Cesar Purisima said Citigroup’s additional investment "certainly augurs well for the country especially in a critical period like this."

Citigroup is known to exercise prudence, good judgment and an acute business sense in making its investments so I thank the bank for forging ahead and deciding to further invest in the Philippines. We are very pleased with Citigroup’s continuing support and vote of confidence for the country," Purisima added

Citigroup is represented in the Philippines by its Global Corporate and Investment Bank, its Global Consumer Group (which has a thriving credit card business), the Citigroup Private Bank, and Citigroup Global Markets. The firm has embedded itself in the local business community, providing financing, advisory and innovative banking products as well as services to government, the utility and energy sectors, local corporates and MNCs, other financial institutions and individuals. Over the last decade, Citigroup has located three of its regional offices in the Philippines – Citigroup Business Services Asia, Citibank Infrastructure and Technology Center, and the Asia Pacific Banking Institute.